Private equity owns virtually none of the homes in the municipality I live in, just outside the city of Chicago, adjacent to redlined neighborhoods with abysmal schools full of families who would love a chance at the resources we have. Despite insanely high property taxes that depress housing values, our home prices set new records every year.
Homeowners here would just love to spend a year workshopping regulations to prevent investors from buying homes. They know that those regulations would do nothing at all to address the scarcity that drives their home prices, and wouldn't result in them having to adapt to large numbers of new neighbors.
It's the exact same reason they obsess over inclusionary zoning ordinances (IZOs). Affordability is so important! That's why we need new, toothier regulations to ensure that no new housing projects here can ever pencil out for the developers.
PE is a complete sideshow. The root cause of the housing crisis is exclusionary zoning.
Homeowners here would just love to spend a year workshopping regulations to prevent investors from buying homes. They know that those regulations would do nothing at all to address the scarcity that drives their home prices, and wouldn't result in them having to adapt to large numbers of new neighbors.
It's the exact same reason they obsess over inclusionary zoning ordinances (IZOs). Affordability is so important! That's why we need new, toothier regulations to ensure that no new housing projects here can ever pencil out for the developers.
PE is a complete sideshow. The root cause of the housing crisis is exclusionary zoning.