A July 21, 20017 article in the Wall Street Journal reports that Wall Street Firms are aggressively purchasing single family homes that they then rent to would-be home buyers. The buyer is forced into “would-be” status because they can’t outbid the Wall Street firm, who pays cash with no questions asked. Families can then be forced into renting homes that they can’t buy. The Journal cites a study that renting can be about 30% more costly that home ownership, a burden felt in the here and now. And in the long term, these renters are denied the opportunity to invest in themselves — there is no equity, they don’t get a home, just a box that they can use for awhile.
And so, some of our working Americans, the little guy, and young families looking to invest in their future, can’t own a piece of America, they can only rent it!
I wonder if our “leaders” in DC can stop cannibalizing each other long enough to look into this issue for a few minutes?