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Dear John,
Rent is skyrocketing and homeownership is increasingly out of reach for millions of Americans, especially young people.
One big reason why? Wall Street.
Hedge funds and private equity firms have been buying up hundreds of thousands of homes that would otherwise be purchased by people.
In 2022, Wall Street accounted for around 28% of all home sales in America. Automatic bots called “iBuyers” used algorithms to instantly buy homes before human beings could even make offers. Now, investors are specifically targeting lower-priced homes, particularly in communities of color.
What can we do about this? We can start by getting Wall Street out of our homes. Check out our latest video to find out more about how, then forward it to all your rent-strapped friends.
Folks, it’s a vicious cycle: First you’re outbid by investors, then you may be stuck renting those same homes at excessive prices that leave you with even less money to put up for a new home. Rinse. Repeat.
Democrats in Congress have a bill to ban hedge funds and private equity firms from buying or owning single-family homes. President Biden has also proposed billions to increase the supply of homes and tax credits to help actual people buy them.
Both moves could help increase supply and make housing and renting more affordable. You can bet Wall Street is going to throw their resources into fighting against them.
See our video for more information on how we can fight back.
Thank you for keeping up the fight!
Robert Reich
Inequality Media Civic Action
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