The Port of Greater Cincinnati Development Authority is making sure that large, institutional investors won't continue to corner the rental housing market in Hamilton County.
"The Port of Greater Cincinnati Development Authority agreed last month to pay $14.5 million for 195 houses throughout Cincinnati and surrounding Hamilton County," according to an article published by The Real Deal, based on original reporting by Konrad Putzier and Will Parker behind the paywall at the Wall Street Journal.
According to both articles, the authority beat out a long list of investors to buy the properties—a deliberate move "to keep tenants in their homes and private investors out of their neighborhoods," in the words of the Wall Street Journal article.
"Cincinnati, because of its lower home prices compared to many cities, was prone to a stampede by investors. The rush began after the 2008 financial crisis, when many residents lost their homes to foreclosure and prices plunged," according to the Real Deal.
The port says they will initially operate the properties and rentals, but will eventually upgrade and sell the properties to low- and middle-income buyers.
The issue of large institutional investors buying up rental housing market is gaining more and more media attention. While some attempts have been made to legislate a response to the trend, few examples of government agencies acting proactively to out-bid institutional investors, like the Port of Greater Cincinnati Development Authority has done, exist (to our knowledge). One community in Los Angeles, has taken these matters into their own hands.
FULL STORY: Cincinnati agency buys 200 rental homes, elbowing out investors
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