Experts told lawmakers that families that needed mortgages were being outbid by private equity landlords with all-cash offers, and that they were jacking up rents, piling on junk fees, neglecting repairs and fueling eviction rates that local officials called destabilizing.
By 2024, it had gotten so bad that Rep. Pat Ryan, D-N.Y., demanded a Federal Trade Commission investigation. Ryan warned that private equity firms could control 40% of the single-family rental home market by 2030. (That’s non-apartments, or standalone homes that people rent to live in.)
This is why we can’t build ourselves out of this, private equity firms will own it all anyway. Also, trickle down housing won’t work because of this, even though it would take 30 years for it to work anyway.
This is actually an area where some tenant rights laws should be added or may already exist and just need to be enforced. Once private equity is forced to realize that rent comes with risk, the problem will likely go away as they divest from direct ownership.
ok. let’s do nothing then. clearly.
How about we regulate that corporations can’t own more than one building for home real estate? That would do wonders. They also can’t run/own AirBNBs. That would solve a shit ton. Go after the price fixers with everything we’ve got. Another way to fix this corporate greed disaster.
Ok, go run for office and get that bill passed.
Best of luck.
Hawaii passed the AirBNB thing on Oahu. It can be done.