- Neighborhoods where a majority of residents are Black have been heavily targeted, according to a Washington Post analysis of Redfin data. Last year, 30 percent of home sales in majority Black neighborhoods were to investors, compared with 12 percent in other Zip codes, The Post’s analysis shows.
“We know historically that places where minorities live are undervalued or lower priced,” Redfin’s Sheharyar Bokhari said. That, he said, makes them more attractive to investors, driving up prices for residents.
Link related: When Private Equity Becomes Your Landlord
- ProPublica found that the private equity buying spree has been fueled in part by Freddie Mac, the nation’s largest rental housing financier.
Link tangentially related: Disney Wants You to Live and Die in Its New Master-Planned Desert Community
- Remember: EPCOT stands for “Experimental Prototype Community of Tomorrow,” and Walt Disney was in the feverish throes of planning it out as an entire city when he died. Decades later, the company built the town of Celebration, Florida. Today, Disney announced that it is building a “Storyliving by Disney community” in Rancho Mirage, California, and that “additional locations in the U.S. are under exploration for future development.”
Link definitely related: How Zillow lost billions flipping houses despite being, you know, Zillow