How private equity is changing America’s suburbs
Today on Post Reports, how one company made millions by scooping up homes across the United States, then renting them back to people who could no longer afford to buy them.
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Show Notes
Today on Post Reports, how one company made millions by scooping up homes across the United States, then renting them back to people who could no longer afford to buy them.
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Last year investors bought nearly 1 in 7 homes sold in America’s top metropolitan areas, the most in at least two decades, according to data from the realty company Redfin and an analysis by The Washington Post. Those purchases come at a time when would-be buyers across the country are seeing wildly escalating prices, raising the question of what impact investors are having on prices for everyone else.
Today we visit a block in the suburbs of Nashville that used to be the perfect place for first-time homebuyers. Then, global investors bought in. As part of the Pandora Papers investigation, financial reporter Peter Whoriskey explains how a private equity-backed company called Progress Residential reaps big profits from stressed American renters amid a national affordability crisis.