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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWall Street’s Rental Bet Brings Quandary Housing Poor
http://www.bloomberg.com/news/2013-08-29/wall-street-s-rental-bet-brings-quandary-housing-poor.htmlLaTanya Moore-Newsome, a real estate agent with Century 21 in Atlanta, has been calling Wall Street-backed landlords for months on behalf of her low-income clients with government housing vouchers.
She said some of the areas biggest homebuyers in the past two years, including Blackstone Group LP (BX), American Homes 4 Rent and Silver Bay Realty Trust Corp. (SBY), repeatedly told her they had nothing available for tenants who use subsidies under the federal Section 8 assistance plan. Last week, she finally got a positive response from Blackstones Invitation Homes unit, which said it would accept applications from her renters.
Its a really uphill battle dealing with these investors, Moore-Newsome said. You already have to deal with some of the issues with owners not wanting to take Section 8 in nicer areas. Now you have these big companies come into their neighborhoods and they say were not renting to you either.
Private-equity firms, hedge funds and real estate investment trusts have bought more than 100,000 U.S. homes, becoming dominant single-family landlords in markets hardest-hit by the housing crash such as Atlanta. As the companies seek thousands of tenants to fill newly renovated properties, their decision whether to lease to low-income Americans with Section 8 vouchers stands to affect both their profitability and poor residents who have been longtime renters.
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Wall Street’s Rental Bet Brings Quandary Housing Poor (Original Post)
xchrom
Sep 2013
OP
Jasana
(490 posts)1. Great story..
but I doubt it'll get much attention today because SYRIA! We're running around worrying and talking about that when we can't even fix our problems at home.
xchrom
(108,903 posts)2. it's not sexy like war is. nt
Recursion
(56,582 posts)3. This wouldn't be a problem if we turned Section 8 into a straight cash subsidy to the renter
It would be replaced with different problems, possibly, but the "waiting forever to find a landlord that accepts it" part would stop being a problem.