Sen. Elizabeth Warren (D-MA) is calling out 14 corporations with ownership stakes in the single-family, multifamily, and manufactured housing sectors, accusing them of predatory rental housing practices.
The senator sent each company a letter demanding data on their business practices, including landlord-tenant concerns, and rental housing portfolios. She set an April 8 deadline for a response.
“Allowing private equity firms and other large institutional investors to snatch up thousands of homes can make it impossible for individuals and families to buy their own home – which is why the Senate-passed 21st Century ROAD to Housing Act includes restrictions on large institutional investors’ ownership of single-family housing units,” stated Warren. “This is extremely popular with the American people: 64% of Americans support reining in corporate landlords and institutional investors to lower housing costs and 73% support banning corporate investors from single-family homes.
Warren added, “Institutional investors often shirk on tenant protections and maintenance costs to boost their profits across the single-family, multifamily, and manufactured housing sectors. Major investors like Tricon Residential (now owned by Blackstone), Amherst, and Progress Residential have all been subject to major litigation for alleged fair housing violations, habitability deficiencies, and violations of basic property management standards.”
The companies targeted by Warren are American Homes 4 Rent, Blackstone, FirstKey Homes, Greystar, Homes of America, Horizon, Impact Communities, Invitation Homes, MAA, Progress Residential, RHP Properties, Starwood Capital, Tricon, and Yes! Communities.
Photo by Gage Skidmore / Flickr Creative Commons
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