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.
Zoning Reform Is Working in Minneapolis
The city has grown its housing stock and limited rent cost increase to just 1 percent.
Quantifying the Impact of Pandemic Housing Assistance
The massive federal injection of funding into housing programs has had major impacts on many Americans’ ability to stay housed and out of debt, but fears loom as the end of some funding sources nears.
Twin Cities Parking Reform Shows Promising Results
Minneapolis and St. Paul both eliminated parking minimums, paving the way for less parking and more housing.
Depopulation Patterns Get Weird
A recent ranking of “declining” cities heavily features some of the most expensive cities in the country — including New York City and a half-dozen in the San Francisco Bay Area.
California Exodus: Population Drops Below 39 Million
Never mind the 40 million that demographers predicted the Golden State would reach by 2018. The state's population dipped below 39 million to 38.965 million last July, according to Census data released in March, the lowest since 2015.
Chicago to Turn High-Rise Offices into Housing
Four commercial buildings in the Chicago Loop have been approved for redevelopment into housing in a bid to revitalize the city’s downtown post-pandemic.
Google Maps Introduces New Transit, EV Features
It will now be easier to find electric car charging stations and transit options.
Ohio Lawmakers Propose Incentivizing Housing Production
A proposed bill would take a carrot approach to stimulating housing production through a grant program that would reward cities that implement pro-housing policies.
Chicago Awarded $2M Reconnecting Communities Grant
Community advocates say the city’s plan may not do enough to reverse the negative impacts of a major expressway.
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