A Rutgers' CLiME report shows that in almost half of all residential real estate transactions in Newark between 2017 and early 2020, the buyers were not individuals looking to buy new homes but faceless corporations and LLCs backed by private equity firms. Mayor Ras Baraka says the city will take steps to level the playing field for wanna-be individual homebuyers.We learned last week that Newark is leading the country in a category we desperately want to avoid.
This is part of an alarming national trend of absentee corporate landlords buying huge swaths of single- and multi-family homes across the country, in mostly Black and brown communities. These neighborhoods are the most vulnerable, where the foreclosure crisis 10 years ago drained cities of homeowners as their properties went on the auction block.
While this is a national problem, the CLiME report said it was “most acute” in Newark and warns that the fallout from such arms-length ownership will contribute to “rapidly rising rents, decreased homeownership, higher barriers to affordable housing goals, renter displacement and less stable communities.”
Section 8 pays rent not mortgage
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