I strongly support free markets.
But this corporate large-scale buying of residential homes seems to be distorting the market and making it harder for the average Texan to purchase a home.
This must be added to the legislative agenda to protect Texas families. https://t.co/VBs6Rluh3K
— Greg Abbott (@GregAbbott_TX) March 15, 2024
Recent revelations have shattered the facade of homeownership in America, exposing a grim reality that economists failed to acknowledge: private equity firms are rapidly gobbling up single-family homes at an alarming rate.
Contrary to earlier estimates of 18-23% home purchases by private equity firms, shocking reports from 2023 reveal that these entities acquired a staggering 44% of all single-family homes in the country. This unchecked acquisition spree spells doom for the middle class and threatens to relegate an entire generation to perpetual renting.
As we brace for the future, forecasts for 2024 paint a grim picture, with private equity firms poised to snatch up another 44% of single-family homes. This trajectory, if left unchecked, will culminate in a landscape where the majority of homes are owned by a handful of corporate giants, leaving ordinary Americans at their mercy.
The urgency of the situation is underscored by the fact that the real estate industry is actively lobbying against legislative efforts, such as those in Texas, aimed at curbing corporate and Wall Street influence in the housing market. Even Governor Greg Abbott has acknowledged the need for intervention to safeguard Texas families from the adverse effects of this unchecked corporate takeover.
In the face of this crisis, it is imperative that we unite across political lines to address this existential threat to homeownership and preserve the American dream for generations to come.
The real estate industry is actively lobbying against Texas legislation that would ban corporate/Wall Street Buyers from the market: pic.twitter.com/hnEdDB7Z0r
— Don Johnson (@DonMiami3) March 16, 2024