The Blackstone Group, a private equity firm, is now the largest owner of single-family rental homes in the country. In one day alone, Blackstone bought up 1,400 houses in Atlanta. And as private equity firms gobble up huge swaths of the housing market, they are partnering with big banks to bundle the mortgages on these rental homes into a new financial product known as “rental-backed securities,” reminiscent of the “mortgage-backed securities” that helped cause the last financial crisis. Could this new private equity rental empire help spark the next housing crisis? We are joined by Laura Gottesdiener, author of A Dream Foreclosed: Black America and the Fight for a Place to Call Home, who calls this wave of purchases “a land grab.” Gottesdiener’s latest article focuses on New York City’s rental market, a case study in what critics call “predatory equity.” Large firms have used abusive tactics to oust tenants in a bid to hike up rents – and tenants have been resisting. We are also joined by Benjamin Warren, who, along with nearly 1,600 families in 42 buildings, is a victim of one of the largest single foreclosures in the city’s recent history.
Please check back later for full transcript.
Urgent! We have a limited amount of time
Truthout has launched a crucial fundraising campaign to support our work. We have 7 days to raise $42,000.
Every single day, our team is reporting deeply on complex political issues: revealing wrongdoing in our so-called justice system, tracking global attacks on human rights, unmasking the money behind right-wing movements, and more. Your donation at this moment is critical, allowing us to do this core journalistic work.
Help safeguard what’s left of our democracy. Please make a tax-deductible gift before time runs out.