Wall Street landlords turn American dream into a nightmare

A new report exposes the harmful impacts Wall Street landlords are having on the growing single family rental market. Wall Street landlords are fundamentally changing homeownership in the U.S. with massive purchases of single-family homes, squeezing out tenants and prospective homeowners, particularly in communities of color, according to a report by Alliance of Californians for Community Empowerment (ACCE), Americans for Financial Reform (AFR) and Public Advocates.

The report highlights the harms to tenants and communities including: denied opportunities for homeownership, dramatic rent increases, a spike in evictions, fee-gouging akin to those practiced in payday lending, and living conditions deemed so poor that some tenants have described it “life threatening.” Today, nine big Wall Street firms are the absentee landlords of more than 200,000 single family homes in 13 states.

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