{"id":38827330,"date":"2021-07-16T07:24:38","date_gmt":"2021-07-16T07:24:38","guid":{"rendered":"https:\/\/walkinverse.com\/no-more-homes-for-americans\/"},"modified":"2025-02-14T08:36:26","modified_gmt":"2025-02-14T08:36:26","slug":"wall-streets-takeover-no-homes-left-for-americans","status":"publish","type":"post","link":"https:\/\/walkinverse.com\/wall-streets-takeover-no-homes-left-for-americans\/","title":{"rendered":"Wall Street\u2019s Takeover: No Homes Left for Americans"},"content":{"rendered":"\n

Wall Street leaves no homes for first-time buyers as they\u2019re outbid by companies such as American Homes 4 Rent by all cash offers and no inspection required.<\/p>\n\n\n\n

To escalate the crisis, within a few hours released to the MLS, properties sold and flipped into rentals. This not only drives up the cost of home ownership but rent as well.<\/p>\n\n\n\n

Documented in a 2016 survey 5% of all homes in Spring Hill, TN fell under the occupation of Wall Street investors; American Homes, Colony Starwood Homes, Progress Residential and Streetlane Homes.<\/p>\n\n\n\n

Not only did they collect Nashville suburbs, they decimated prime metropolitan areas such as Atlanta, Phoenix and a dozen other. As of 2017 they\u2019ve collected 200,000 middle class American homes. Their target renter? Individuals with an income of $88k or less a year. The typical family who struggles to make ends meet.<\/p>\n\n\n\n

To guarantee little chance of homeownership in desirable areas, corporate investment firms buy homes with 3 or more bedrooms in communities with a homeowner\u2019s association.<\/p>\n\n\n\n

If Wall Street\u2019s plan continues, the American people will never own a home again unless they wake up from sellers greed. Why? James Shipley makes the point clear.<\/p>\n\n\n\n

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\u201cPeople want to sell their homes to the highest bidder, no matter who it is\u2026\u201d says Jamie Shipley, president of the Wakefield Homeowners Association, which governs a subdivision in which 11% of the homes are owned by institutional investors.<\/p>\n<\/blockquote>\n\n\n\n

Not only do they displace new buyers, they raise rents as in the case with a local landlord Mr. McNeilage. As soon as a deal closes, American Homes increased rent on many properties by a few hundred a month. They also removed month-to-month leases. But this problem expands national. In 2017 American Homes acquired over 48K residences across the U.S. and controls half of Spring Hill\u2019s properties as they leave renters with little options.<\/p>\n\n\n\n

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\u201cIf you want to be in that subdivision and have your kids go to that elementary school, you have to deal with them,\u201d Mr.\u00a0McNeilage says.<\/p>\n<\/blockquote>\n\n\n\n

And once your lease expires expect an 3-3.5% increase. On an already beat up population the increment becomes a bigger issue than most can afford. It\u2019s another $1200 a year on an already overpriced rental.<\/p>\n\n\n\n

To put this into perspective, after Wall Street captured the market in the Spring Hill\u2019s they increased rent to $1773 a month. Before the onslaught, a person could find a place of same size and spec for around $1,000 a month.<\/p>\n\n\n\n

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\u201cThe rent is crazy,\u201d says Bruce Hull, Spring Hill\u2019s vice mayor and owner of a local home-inspection business. \u201cIt hasn\u2019t been that long since you could get a three bedroom, two bath for $1,000 a month.\u201d<\/p>\n<\/blockquote>\n\n\n\n

And with this new model of feudalism, they guarantee annual increases. Why? Because they can.<\/p>\n\n\n\n

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\u201cTheir wherewithal to pay rent today as well as pay rent in the future, with increases, is sufficient,\u201d he said. \u201cIt\u2019s just up to us to educate tenants on a new way, that there will be annual rent increases. This has been a very passively managed industry for 30, 40 years up until institutional players came in.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Sources<\/em><\/h2>\n\n\n\n

Laura Kusisto, and Ryan Dezember. 2017<\/a>. \u201cMeet Your New Landlord: Wall Street.\u201d Wall Street Journal: Markets, July 21, 2017.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Wall Street firms are snatching up homes across the U.S., leaving first-time buyers outbid and renters trapped in a housing crisis that\u2019s reshaping the American dream into a corporate profit machine. <\/p>\n","protected":false},"author":2,"featured_media":157055480,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[155],"tags":[242,243,241,78,172,79],"class_list":["post-38827330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-american-dream","tag-homeownership","tag-housing-crisis","tag-real-estate","tag-rentals","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/posts\/38827330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/comments?post=38827330"}],"version-history":[{"count":1,"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/posts\/38827330\/revisions"}],"predecessor-version":[{"id":157055481,"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/posts\/38827330\/revisions\/157055481"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/media\/157055480"}],"wp:attachment":[{"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/media?parent=38827330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/categories?post=38827330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/walkinverse.com\/wp-json\/wp\/v2\/tags?post=38827330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}