Erb and his cousin raised money from investors, bought homes in places like the Chatham-Arch neighborhood in Indianapolis ... and rented them out. He was not the first New York finance person to profit from single-family rentals across the United States. The private equity firm Blackstone (commonly confused with BlackRock) more or less invented this buy-to-rent strategy in 2012. It's now a public company valued at more than $18 billion. The response to this development of Wall Street buying Main Street ... has been bipartisan, populist and patriotic condemnation. Both JD Vance and Kamala Harris called for bans on these corporate landlords. Homeownership has been a primary way that middle-class families build wealth. But now private equity was outbidding aspiring homeowners, making it more expensive to buy a home and pocketing the appreciation in home values. During the Great Recession ... the U.S. had a glut of single-family homes in foreclosure. Many were auctioned off en masse, including by the federal government, which organized auctions for investors like Blackstone and even provided a $1 billion loan guarantee to encourage Blackstone to buy. This allowed private equity firms (which raise money from wealthy families, pension funds and other organizations to seek out profits, often by buying private companies) and real estate investors to efficiently and cheaply buy, say, a dozen similar homes located in the same Phoenix suburb.