Opponents of Blackstone and other finance firms that have been buying up housing are quick to blame them for the housing crisis. But it's the other way around: the failure to plan for and develop enough housing has attracted the firms.
"The 80,000 or so homes in Blackstone’s nationwide portfolio and the few thousand homes in its California portfolio do not drive the 3.5 million-unit Los Angeles market. Blackstone did not create a shortage of 3 million units statewide (give or take). Blackstone did not impose restrictive zoning laws. Blackstone did not kill California’s redevelopment system. Blackstone did not drive up rents in the 2010s when recession-stricken millennials emerged out of their parents’ basements."
"Many homeowners are their own little Blackstones. Many of the same people who decry the purchase of thousands of homes by Wall Street are the same people who protest the development of new homes in their neighborhoods. Why? Sure, some of them care — a little — about “neighborhood character.” But California’s NIMBY movement has not endured the decades, beginning with its Prop. 13 temper tantrum in 1978, because of neighborhood character. It’s because they don’t want to endanger their property values."
FULL STORY: The Phony Debate Over Wall Street and the Housing Crisis
Institutional Investors Gaining a Larger Footprint in the Housing Market, Report Says
The locations with the fastest growing populations are seeing the most dramatic increase in investor-owned single-family housing rentals.
Wall Street Suddenly Buying Fewer Single-Family Homes
Rising interest rates are having a major effect in the housing market—including on the large institutional investors who spent much of the past couple of years buying up single-family homes.
Local, State Governments Creating Obstacles for Institutional Investors on the Housing Market
Large Wall Street investors are increasing their footprint in the housing market, like they did after the Great Recession, and some local and state governments are inventing new ways to prevent these institutional investors from cornering the market.
Seattle Legalizes Co-Living
A new state law requires all Washington cities to allow co-living facilities in areas zoned for multifamily housing.
NYC Officials Announce Broadway Pedestrianization Project
Two blocks of the marquee street will become mostly car-free public spaces.
The City of Broken Sidewalks
Can Los Angeles fix 4,000 miles of broken sidewalks before the city hosts the 2028 Olympic Games?
Housing as a Climate Resilience Strategy
Ensuring that housing, including in informal settlements, is safe and healthy for its residents is a key tool in the fight to build more sustainable and equitable communities in the face of climate migration.
Southeast LA Road Safety Advocates Call for Improved Infrastructure
Streets in southeastern Los Angeles County have a severe lack of protected bike lanes and traffic safety measures, leading to high numbers of fatalities in a community where many residents depend on walking and biking for daily needs.
USDOT: Low-Income Households Bear Highest Transportation Cost Burden
Transportation costs are the second-highest household expenditure behind housing for all income levels.
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