The Federal Reserve Bank of Minneapolis has noticed an alarming spike in investor-owned homes in Minneapolis since the Great Recession.
The Federal Reserve Bank of Minneapolis has started monitoring a disturbing trend, writes Joy Wiltermuth: "an explosion of investor-owned homes" in high-poverty neighborhoods. According to a Minneapolis Fed report, the rate of investor-owned homes rose sharply after the Great Recession, with a growing number of 'very large' investors—those who own 50 or more properties—snapping up foreclosed homes. The trend accelerated during the COVID-19 pandemic as some homeowners were forced to sell or fell into foreclosure.
"One concern is that deep-pocketed investors 'make it harder for families, particularly lower-income households who are more likely to be people of color, to compete in the home-buying process,' according to the report." In Northeast Minneapolis, where the poverty rate is 41.7 percent, investors own close to a third of residential properties. The report also cites concerns that increased ownership by absentee investors who provide little maintenance will lead to the deterioration of housing stock and poor conditions for tenants.
White House Announces Policies Aimed at Protecting Renters
The administration acknowledges its limited powers in solving the nation’s housing affordability crisis, but says new actions will examine unfair rental practices and recommend policies to state and local governments.
St. Paul Revises Rent Stabilization Ordinance
The city is pulling back on some provisions in the rent stabilization ordinance passed by voters last fall.
Sacramento Households Hit Hard by Evictions
With pandemic-era renter protections ending and rents rising by close to 20 percent, renters in Sacramento are finding it harder to afford housing in the region.
‘Forward Together’ Bus System Redesign Rolling Out in Portland
Portland is redesigning its bus system to respond to the changing patterns of the post-pandemic world—with twin goals of increasing ridership and improving equity.
Plan to Potentially Remove Downtown Milwaukee’s Interstate Faces Public Scrutiny
The public is weighing in on a suite of options for repairing, replacing, or removing Interstate 794 in downtown Milwaukee.
Can New York City Go Green Without Renewable Rikers?
New York City’s bold proposal to close the jail on Rikers Island and replace it with green infrastructure is in jeopardy. Will this compromise the city’s ambitious climate goals?
700-Acre Master-Planned Community Planned in Utah
A massive development plan is taking shape for lakefront property in Vineyard, Utah—on the site of a former U.S. Steel Geneva Works facility.
More Cities Ponder the End of Drive-Thrus
Drive-thru fast food restaurants might be a staple of American life, but several U.S. cities are actively considering prohibiting the development of new drive-thrus for the benefit of traffic safety, air quality, and congestion.
Air Pollution World’s Worst Public Health Threat, Report Says
Air pollution is more likely to take years life off the lifespan of the average human than any other external factor, according to a recent report out of the University of Chicago.
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