Corporations buying homes in my neighborhood in Florida.

[Sancho]

&t=70s

https://www.tampabay.com/news/real-estate/2024/02/01/corporate-landlord-investor-homes-rent-housing/

The calls, texts and letters started about two years ago. St. Petersburg resident Tamika Morris has a pile of junk mailers just inside her front door and dozens of numbers blocked on her phone.

The messages are always the same. Companies, with names like “HomeInc” and “HomeVestors,” offer to pay cash “as is” for her Greater Pinellas Point home. No real estate agents need be involved.

Morris said the callers never say whom they represent but often ask her to name her price. Even her son, whose name is not on the deed, gets calls from entities trying to buy her house.

Housing in Tampa Bay is becoming increasingly corporate-owned, a Tampa Bay Times analysis has found. Large companies have amassed around 27,000 homes across three counties. More than 70% of these properties are linked to institutional investors backed by Wall Street and private equity.

The HOA is looking at ways to deal with it...but the trend is scary. Is this everywhere or just Florida?

[TwilightZone]

1. It's everywhere.

https://www.cnbc.com/2023/02/21/how-wall-street-bought-single-family-homes-and-put-them-up-for-rent.html

https://scrippsnews.com/stories/corporate-investors-are-purchasing-more-single-family-homes/

Here in Texas, investors bought 1/3 of all homes sold in 2021 and I believe numbers were even higher in 2022 and 2023.

[CurtEastPoint]

2. Exactly the same in Atlanta

[Auggie]

3. The talk in California is all about creating more housing ...

but no one ever mentions limiting private equity investment or purchases made from foreign investors.