What's the point of building more housing if it's all owned by the same handful of investment firms? In my community, over the last few years, one investment firm has spent billions, purchasing nearly 60% of the rental properties. There's smaller players that also own a significant chunk. These handful of investment firms control the rental market, setting the price however they want, since their product (housing) is a necessity and the alternative (competition) is nearly non-existent.
Local political leaders tried to pressure the investment firm to lower the rents, but they responded with "fair-market rent, blah blah blah", and nothing changed. The shameful thing is that the web page of the large investment firm (sorry, don't have a link) basically spells out their strategy: "Purchase rental units in small, low-ish income communities. Raise the rent. Profit. Rinse and repeat." The web page boasted about huge returns; it didn't talk about "fair-market rent, blah blah blah".
Local political leaders tried to pressure the investment firm to lower the rents, but they responded with "fair-market rent, blah blah blah", and nothing changed. The shameful thing is that the web page of the large investment firm (sorry, don't have a link) basically spells out their strategy: "Purchase rental units in small, low-ish income communities. Raise the rent. Profit. Rinse and repeat." The web page boasted about huge returns; it didn't talk about "fair-market rent, blah blah blah".