It’s no secret that the American Dream, of a single-family home with a white picket fence, is out of reach for the vast majority of Americans, especially Black and brown people. But did you know that large corporations are buying up homes in growing cities, quietly pushing that dream further and further out of sight?
Large companies and investment firms have been strategically purchasing homes in communities across the country, putting forward lucrative all-cash offers that make it much more difficult for working and middle-class families to compete. These companies either flip the homes for a profit or rent them out to the same families who now have been pushed out of the home buying market. With both of these practices, corporate owners of single-family homes are undermining the largest wealth producer for middle-class families and exacerbating inequality.
Not only are institutional investors ramping up this purchasing practice, but tech companies are getting in on it too. Even in the wake of Zillow’s announcement that they are getting out of the home buying market, housing-focused tech companies like Opendoor and Rocket Homes are moving forward full steam ahead. Armed with cash and consumer data, these companies are taking this flipping scheme to the next level. We are also seeing the digital (re)emergence of a troubling historical practice called “contracts for deed” which puts less financially stable families into predatory arrangements as they desperately pursue the dream of homeownership.
On Thursday, January 27th at 12-1pm PT, we’ll be tackling these predatory practices. We’ll hear from experts about the far-reaching impacts of corporate homeownership and what public policy and corporate practices can be implemented to make the American Dream attainable once again.
The webinar will be moderated by Hannah Holloway, Senior Policy Manager of TechEquity. Panelists include:
- Elena Botella, Reporter and Principal at Omidyar
- Leah Simon-Weisberg, Legal Director at ACCE