Report: Corporate-Owned Rentals Cut Into Black Homeownership

Long known for its homeownership disparities, the Twin Cities region has seen a widening of the gap between Black residents and their white counterparts. A new report cites historical factors, but the rise of corporate-owned rentals isn’t helping.

Research from the Urban Institute found since 2000, homeownership among Black residents in the metro area decreased by 10%, but remained steady for the white population – despite an increase in Black residents living in the region.

Report coauthor Yonah Freemark, senior research associate at the Urban Institute, noted this all coincided with the rise of corporate landlords.

“Companies that own at least three, but sometimes many more, single-family homes in their portfolio,” Freemark explained. “There’s some big national companies involved in that trend. But they’re particularly focused in a few very vulnerable, lower-income and minority-focused communities, like North Minneapolis.”

aa

He said investors often will charge rents higher than what the typical monthly mortgage payment would be.

The report also cites longstanding income and wealth gaps between Black and white families, as well as barriers to achieving good credit and financial literacy. It concludes the resulting lack of homeownership keeps these families from securing long-term economic stability.

The analysis also makes mention of the 2008 recession, and how it disproportionately affected Black Minnesotans. Looking ahead, Freemark predicted there could be even more corporate landlords as a result of the pandemic.

“There has been, at the national level, indication that people working for large investment firms are expanding their investments across the country,” he observed.

The Urban Institute report cites a variety of solutions, including stronger public programs to help more Black residents purchase homes. Other suggestions include local governments better protecting renters from eviction, and calling on state and federal officials to enforce regulations that reflect a rental company’s impact on marginalized communities.

The post Report: Corporate-Owned Rentals Cut Into Black Homeownership appeared first on Sunshine Slate.



source https://www.sunshineslate.com/opinion/report-corporate-owned-rentals-cut-into-black-homeownership/

Comments

Post a Comment

Popular posts from this blog

How can Energy Audits inform your Net Zero Strategy?

Image
Many organisations are already in the habit of undertaking energy audits to highlight where energy and water efficiencies can be made, save on utility costs, and reduce carbon emissions. Unfortunately, the sad reality of many energy audits and surveys (especially ones that are completed for compliance with ESOS), is that once they are completed, the report is often tucked away into a ‘virtual’ drawer, never to be seen again. But what if there was another use for that forgotten energy audit? Did you know that it could actually be a really useful business tool to help get you started on your net zero journey? To help you harness that data in a practical way, Energy Services Analyst, Rhiannon Farquhar explains what makes energy audits so essential to carbon management and how they can be used to get your business on the path to net zero. So, what are energy audits? To put it simply, an energy audit is an assessment of the energy needs and efficiency of a building (or process), which
Read more

Garden Offices | The Ultimate Work from Home Solution for 2021

Image
The Pros and Cons of Working from Home Working from home was not so long ago considered a perk of the job, however, the much-longed-for 30-second commute, for many of us, has finally become a realisation. Prior to the global pandemic, we would have spent 492 days of our lives commuting to and from work and inevitably, Covid-19 has brought about a catalyst of change. Businesses are now seeing the benefits of reducing costs by giving up office spaces, and with commuting now significantly reduced, one of the biggest winners out of this situation is the environment. With this in mind, there’s no doubt that the “new normal” of home working is, quite clearly, here to stay. The general consensus is that working from home is wholly positive and can provide a better work-life balance. Whilst this is true, there is evidence to suggest that this can be quite the opposite, with staff working later than usual as they battle to “switch-off” when their working day is over. So, what’s the solutio
Read more

Forgiveness Plan Would Remove One-Third of Students’ Loan Debt

Image
About one in three Idahoans who have federal student-loan debt would see it erased entirely if the Biden administration goes forward with a $10,000 forgiveness plan. That’s according to analysis from the website Student Loan Hero . President Joe Biden is considering eliminating the debt through executive order. Andrew Pentis, a senior writer and certified student loan counselor at Student Loan Hero, said the average monthly loan repayment in Idaho is $274. “Whether you have more or less than $10,000 worth of student loans left to repay, this dose of forgiveness would be hugely helpful, in either getting rid of your debt or shrinking it considerably,” said Pentis. “So certainly, if you’re a borrower in Idaho, you’d be rooting for something like this to happen.” The Trump administration paused federal student loan repayments in March 2020 during the pandemic. Biden extended the pause on his first day in office through at least October 1. Some Democrats want the Biden administration
Read more