Critics say large corporations are driving up home prices and reducing affordability for residential buyers. Many have private equity or Wall Street ties.
TAMPA, Fla. – A recent analysis by the Tampa Bay Times showed that corporate investors in Florida own over 117,000 single-family homes, which some say has led to higher prices and reduced affordability in the market for some potential home buyers. Others say it has allowed corporations to have greater control over communities.
The analysis also found that investment firms with ties to private equity or Wall Street own more than 10% of Florida's single-family rentals. Experts expect this trend to continue.
In one example, Lennar Homes sold about 100 homes in The Enclave at Twin Rivers neighborhood in Parrish to Invitation Homes, an investment company that owns thousands of properties across the state. Invitation Homes then installed two of its employees on the three-person homeowners association board. Invitation's spokeswoman said that its goal "is to be part of a community, not in control of it."
Meanwhile, previous analyses show that investors owned 27,000 homes across Hillsborough, Pinellas and Pasco counties. Other hot markets for investors have been the suburbs of Jacksonville and Orlando, as well as the Interstate-4 corridor.
Source: Axios (09/03/24) Varn, Kathryn
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