This block used to be for first-time homebuyers. Then global investors bought in.

[Yo_Mama_Been_Loggin]

LA VERGNE, TENN. — The homes on Tammy Sue Lane aren’t fancy. Modest in size and clad in vinyl siding, the houses were priced below $200,000 when most were built about 15 years ago, and for many families in suburban Nashville, they represented a first chance at homeownership.

A corrections officer bought one, and so did a housekeeper and an electrician.

Then some of the world’s wealthiest people bought in.

Over the past six years, 19 of the 32 homes on Tammy Sue Lane have been purchased by a billion-dollar investment venture, part of an unprecedented flow of global finance into the American suburbs. Less than 10 years old, the company has amassed one of the nation’s largest portfolios of single-family houses, becoming the landlord for tens of thousands of families.

The venture, Progress Residential, acquires as many as 2,000 houses a month through the use of a computerized property-search algorithm and swift all-cash offers. Progress executives boast that the company’s efficient management practices have been a boon to their tenants who cannot afford to buy one of the “entry level” homes.

But according to previously undisclosed documents and dozens of interviews with renters and former employees, Progress Residential has been ringing up substantial profits for wealthy investors around the world while outbidding middle-class home buyers and subjecting tenants to what they allege are unfair rent hikes, shoddy maintenance and excessive fees.

-more-

https://www.msn.com/en-us/money/realestate/this-block-used-to-be-for-first-time-homebuyers-then-global-investors-bought-in/ar-AARQdCE

These vulture capitalists are trying to create a modern day feudal system.

[ShazamIam]

1. You shal be renters, and one of the many reasons the rich are and have been starting little

wars, blaming gangs or terrorists for what is theft of traditional tribal lands. Kind like the tribe of American farmers who fed the world in the years following WWII, but were cleared out of the center of our nation via the farm bubble bust of the 80s and that after the American family farmer had been harmed by a change during the Nixon terms in farm policy to favor corporate ag over family farms.

Control food, control housing, and of course all the information and you have a nice global oligarchy system not a system of nations.

[cbabe]

2. Eminent domain. Help finding

story about LA cops harassing black store owners and customers, forcing businesses to close. Then City buys property for gentrification/developers.

Story about black owned clothing store/community center…?

[Yo_Mama_Been_Loggin]

3. I'm not familiar with that one.

This story isn't about eminent domain.

It's about first time buyers who are being out bid by investment groups who can pay cash for a house. More and more single family homes, sometimes whole developments, are being bought by these people.

I'm sure you've seen the ads and perhaps received solicitations from people offering to pay cash for your home.

This is a trend that's occurring throughout this country.

[luckone]

4. Another example would be Nipsey Hussle's store Anyway 2nd link shows looong practice of this in LA

LA’s “nuisance abatement” program allows the city to file evictions based on alleged criminal activity at a property, and records show that the city considered evictions a key “strategy” to address issues with Laser anchor points.

Emails reviewed by the group also suggest that some city law enforcement officials had communications with developers in South Central and other parts of the city about eviction and enforcement efforts. The emails, the report’s authors argue, show that data-driven policing programs target areas with growing interest from real estate developers and have accelerated gentrification and displacement there.

https://www.theguardian.com/us-news/2021/nov/07/revealed-nipsey-hussle-lapd-the-marathon-clothing

Not new in LA
https://knock-la.com/its-now-time-to-ask-if-gentrification-is-a-fourth-wave-of-jim-crow-policy-857060c11380/

This is different from the investors taking the homes for cash to rent though

[cbabe]

5. Thanks. That was the story. Also I was taking the wider view of how wealth destroys neighborhoods.

[inthewind21]

6. Yet

You hear NOTHING about this on the news. I read about this very thing 6 months ago. I was in the market to buy a house in the spring. I began looking in late 2019 and early 2020. Everything halted when covid hit so in the spring of 21 I began the hunt again. Imagine my surprise when those same houses I was looking at 6-12 months ago had doubled in price and in order to "win" as my agent told me I need to bid over asking at least 50K and guarantee cash if the home didn't appraise. I asked, who the hell is buying up all these properties 25-100K OVER asking when we have been in a global pandemic for over a year and millions had been unemployed? And low and behold, here's the answer. It's wall street. They are buying up entire neighborhoods in new construction!

[MichMan]

7. I wish some wealthy progressives would buy up homes & rent them for far less than market rents

It would help a lot of people

[crickets]

8. Sickening. K&R for visibility.