Corporations are stepping into the US housing market. After the Great Recession, houses were cheap, but most people couldn’t afford to buy, or even sell. Few had the cash, and few could get financing. Corporations didn’t have that problem and have been buying houses to turn into rentals. Neighborhoods are being shifted from groups of long-term residents committed to their community, to tenants with more of a short-term perspective. People who do want to buy find fewer houses to pick from, and because the corporations are using software to identify the choicest buys, the houses left over for individuals tend to be more in need of repair or are less attractive for other reasons. The nature of homeownership in America is shifting, and effectively declining.

“Damn The Developers” – The Atlantic

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s