Gigantic private equity firms are growing slumlord menace

“It’s just a slumlord,” [tenant] Culpepper said of Colony American. “A huge, billion-dollar slumlord.”

“Most rental houses in the U.S. are owned by individuals, or small, local businesses.Culpepper’s landlord is part of a new breed: a Wall Street-backed investment company with billions of dollars at its disposal. Over the past two years, Colony American and its two biggest competitors, Invitation Homes and American Homes 4 Rent, have spent more than $12 billion buying and renovating at least 75,000 homes in order to rent them out.”

Here’s What Happens When Wall Street Builds A Rental Empire.

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