New Article By Richard Florida: “How Large Corporations Took Over Single-Family Homes”

Here is a compelling article that shows just how much damage was done in the 2008 crash.  I know this article is true.  When I first moved into my home in North Houston, 2007, I was surrounded by vacant lots.  Now those lots have homes built on them, but the residents do not own them – they rent.  The homes are owned by large corporations.

Here are a few quotations from the article,

But more than 12 million single-family homes are currently being rented in the United States. Those homes, valued at more than $2.3 trillion, make up 35 percent of all rental housing around the country. In the past, the great majority of single-family homes that were rented out were done so by their owners or small real-estate companies. But today, a large and growing share of single-family rental homes are owned and managed by large corporations, real-estate firms, and financial institutions. The percentage of home owners is at its lowest level since the 1960s.

Whitney Hurst stand in front of the house that she rents in Esparto

This is yet another of the economy-shifting consequences of the financial crisis of 2008. The crisis took a huge bite out of housing prices, and rising unemployment put large numbers of homeowners underwater in their mortgages. A good many fell victim to foreclosures, and plummeting housing values meant that they often had to sell their homes for a fraction of their value.

The link to the article is given below.  But as Dr. Zaius says, “Dont look for it Taylor, you may not like what you find”

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