Private equity firms are buying residential properties making it impossible for Americans to own homes. Home ownership is one of the primary ways for us to build our own wealth.
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Texas Gov. Greg Abbott, a Republican, has called for the state's legislature to consider new laws restricting institutional homebuying. "I strongly support free markets," he wrote in a post on the social media platform X. "But this corporate large-scale buying of residential homes seems to be distorting the market and making it harder for the average Texan to purchase a home."
Predatory hedge funds disproportionately target Black families and vulnerable single parents, as revealed in a recent House Financial Services Committee report. The report found these investors focus on neighborhoods with larger Black populations and approximately 30% more single mothers than the national average. Additionally, studies show that hedge funds are 68% more likely than small landlords to file for evictions and often impose high rent increases, inflated fees, and deteriorating housing conditions to maximize profits.
A report from the Urban Institute found that there were 574,000 single family homes nationwide owned by large institutional investors of at least 100 properties as of June 2022. A House Financial Services Committee report showed that hedge funds are targeting majority Black districts at a higher rate.
(https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408381)