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What happens when private equity buys homes in your neighborhood
What makes rents go down and neighborhood diversity go up? Corporate landlords. But they also make it harder to own for yourself.
Unlike in an apartment building, its leadership noted, where corporate management is common, fixing faucets and other maintenance were much less efficient when dealing with geographically dispersed homes. (For example, a Bloomberg investigation in 2013 found that Magnetar Capital LLC became the largest landlord in Huber Heights, Ohio, and then pushed for lower assessments of its properties' value. If politicians succeed in banning corporate landlords, perhaps by making it illegal to own more than 300 homes, she suspects we'd see lots of 300-home companies replacing Blackstone — without doing anything to increase homeownership among the middle class.
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