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Wall Street's housing stock leaves Latinos struggling to buy and rent homes (www.nbcnews.com)

submitted 8 months ago by [email protected] to c/[email protected]

4 comments fedilink hide all child comments

Corporate landlords are investing where demand is increasing and where they can charge higher rents, which overlaps with places with high Latino populations, an expert points out.

Jessica Moreno and her family lived happily in Charlotte, North Carolina, she said, until new owners bought the property where their rented mobile home was located, changing services and significantly raising prices.

“Where were we going to find a rent of 300 dollars? Nowhere. That's why we had to leave,” Moreno said. "I constantly see that when companies buy houses, the poor have to leave because rents and services go up, it’s like that."

Her family’s experience spurred Moreno to become a community organizer at Action NC, a grassroots mobilization group aimed at tackling inequality and poverty. "Maybe we don’t understand that we can push laws to change things,” she said.

Wall Street firms entered the single-family rental market after the 2008 housing crisis by purchasing foreclosed homes. Since then, their influence has continued to increase and the number of corporate landlords today is significant across the entire U.S. housing system: single-family and multifamily housing, manufactured housing such as mobile homes, subsidized affordable housing and student housing.

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[–] [email protected] 20 points 8 months ago

Corporate participation in the housing market is criminal.

[–] [email protected] 16 points 8 months ago (2 children)

There’s no targeting of Latinos. This is more of an income level issue than race issue.

[–] [email protected] 8 points 8 months ago

Except in the article they claim corporate landlords are targeting areas with high foreclosure rates from the great recession. And guess who was targetted the most with unfair/predatory housing loans pre 2008? Black and Latino neighborhoods.

[–] [email protected] 5 points 8 months ago

Yeah, everyone's struggling