Since the Great Recession, homeownership is down and corporations are taking advantage of the profit opportunities.
"Just as high-priced condos in expensive cities have become a new kind of asset for large companies and wealthy foreigners, so too have larger and larger numbers of single-family homes been turned into investment vehicles for large corporations," writes Richard Floria.
A new working paper from the National Bureau of Economic Research shows that one of the outcomes of the Great Recession was a decline in home ownership of 4 percent between 2007 and 2014, when private companies came in and acquired these properties. "This represents more than $220 billion in housing value—a huge transfer of wealth from Americans who once owned, or would have owned, these homes, to large corporations," says Florida.
These companies, notes Florida, are profiting both from rental incomes in cities with lower home prices and from the appreciation of properties in more expensive cities. "For a growing number of families, the American Dream of owning their own home and the wealth and financial security that comes from it have given way to renting a place to live from a mega-corporation."
FULL STORY: How Housing Wealth Transferred From Families to Corporations
Builders Look to Growing Home Rental Market
Subdivisions in states across the country are catering to people who want the benefits of living in homes without the burdens of home ownership.
Post-Recession Migration Patterns of Younger and Older Americans
New census data shows that millennials and seniors are migrating less, a result of the Great Recession and its economic impacts. For those who are moving, cities in the Sun Belt have been primary destinations.
Big-Box Retailers Say Property Assessments Are Too High; Communities Suffer the Consequences
"Dark store theory" argues that nearby depreciated properties should figure into property valuations. The resulting property tax cuts mean local municipalities end up taking a huge hit.
Rethinking Redlining
For decades we have blamed 100-year-old maps for the patterns of spatial racial inequity that persist in American cities today. An esteemed researcher says: we’ve got it all wrong.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
California High-Speed Rail's Plan to Right Itself
The railroad's new CEO thinks he can get the project back on track. The stars will need to align this summer.
San Francisco Muni Raises Fares a Second Time
A 10–cent fare hike for adults is part of the agency’s plan to chip away at a growing budget deficit.
Electric Grid Capacity Could Hamstring EV Growth
Industry leaders say the U.S. electric grid is unprepared for the increased demand for power created by electric cars, data centers, and electric homes.
Texas Bill Supports Adaptive Reuse in Commercial Areas
Senate Bill 840, which was preliminarily approved by the state House, would allow residential construction in areas previously zoned for offices and commercial uses.
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
City of Clovis
City of Moorpark
City of Camden Redevelopment Agency
City of Astoria
Transportation Research & Education Center (TREC) at Portland State University
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions