Were Getting Evicted… Corporate Landlords Are Raising Rents Have a War Against Home Ownership

Yes, I did. So where we gonna go today, ladies and gentlemen? Is we gonna go all the way over to the ATL, Chardy. Because what I know for show, one thing is for show and two things is for certain is that ain’t nothing safe in the ATL. And if you want to understand what’s going on in this economy, first, especially in the black communities, in the surrounding communities, oh, you gotta go.

Instead of ATL shouting, ATL shouting, go to the ATL. So this, for example, ladies and gentlemen, before we get over into what’s happening today, is what was produced well over a year ago. This was the sentiment that they was giving you inside of the news again. Make sure you hit a like for the algorithm. Subscribe to the channel and turn on your notifications at eleven. Metro Atlanta battling an astronomical cost of living, rising rent, soaring gas prices and inflation.

It’s a costly combination that’s eroding our communities at their core. We have live teen coverage tonight on the impact of these economic strains. Hear from the latest local business forced to shut down shop right here in Atlanta. But first, let’s get right to CBS 40 six’s Patrick Quinn. Patrick, you’re in Atlanta explaining how one local leader wants to stop the rotating door of renters. Now remember, this was from over a year ago.

Over a year ago. I’m talking about 2022. They was continuing a report on this and I had already been talking about it way before then. This report is from over a year ago. And Sean, today I spoke with the realtor. They told me we are very much still in a seller’s market. So many prospective homeowners are forced and settling to rent. Now this three bedroom house here in Grant park, it is for rent and you wouldn’t be able to tell from the outside, but the owners are based in Dallas, Texas.

New data shows corporate landlords like the company invitation Homes. Who owns this house? They own thousands of homes across Atlanta. And as they swoop into the market, they’re pushing out first time home buyers. It’s an everyday occurrence now. Realtor Antonio Merkerson sees it daily out of town mega companies with deep pockets beating out prospective buyers. Sometimes for sellers, the quick payout is hard to turn down. Merkerson said.

That was true for one recent seller in Stockbridge. It was hard for her not to accept the offer from that company came in and buying it to rent it out. Big companies buying to rent. I got you big, Atlanta. In a new report, four companies invitation Homes, American Homes for rent, Tricon residential and front yard residential. They own more than 27,000 single family homes in metro Atlanta. With so many rentals, there are fewer homes available to buy in an already limited housing landscape.

We have city employees who would love to live in the city of College park but are getting priced out. College Park Mayor Bianca Motley Broom said 75% of College park residents are renting. She said these corporate landlords are challenging her residents path to homeownership. A new report by Georgia Tech shows black would be homebuyers are especially being pushed out. I think what’s at stake is the opportunity for people to build wealth and to pass it on to the next generation.

Mayor Motley Broome is urging the state to give cities more options in regulating these corporate landlords. It’s very difficult when investors are snatching up every single house and then also coming to us with proposals for build to rent subdivisions. And you guys don’t even have to worry about it anymore. You know why? Because while you guys were sitting there fighting, they were buying up everything, including your own hoods.

They’re going into your own neighborhoods, and they’re gentrifying. And a lot of y’all come back a year from now, two years from now, three years from now, and you’re like, man, this place has changed. It’s better over here. They’re parking money in the homes. They’ve been doing it. They’re going to continue to do it. And it’s an easy way for them to retain value while still controlling the market.

What does that mean by controlling the market? It means that they’re controlling the prices of what’s being paid, which is basically artificially, continuously making themselves rich. Shout out to Miami Dade county clerks. I’m going to be reading those super chats shortly. Now, this report actually came out a couple of days ago. All right. Conversely, it’s a little low, but check it out. Stunning new details tonight on Georgia’s housing crisis.

A GSU study says 19,000 homes, not apartments, homes in the metro are owned by three companies. That’s nearly one in every nine houses up for rent and some entire suburban neighborhoods where corporations own it all. Channel two’s Michael Dowdna is live in Paldon county. And Michael, this is important because it drives up prices for everyone. Yeah. When you’re talking about tens of thousands of homes involved here, well, it can make an impact.

Meaning that homes that you see, like this one that would originally been a starter home about a decade or so ago are now for lease signs in front yards showing not a home for sale, but for rent. Atlanta has more of these types of properties than the next couple of metro areas combined. These properties are single family homes owned by corporations, not people. And Atlanta is the number one location for these houses in the entire country, according to GSU professor Taylor Shelton.

Just a decade or so ago, none of these companies even existed. But a recent study found that just three companies known to customers as progress residential, invitation homes and Main street renewal, own more than 19,000 homes in the metro area. The homes that most of these companies are buying are exactly the kind of starter homes that 15, 2030 years ago would have been first time home buyers. And in certain areas, these corporations can own most of the homes in a neighborhood.

Take this street where every single house you see is owned by invitation homes, built to rent and not to buy, impacting the entire market as a whole. It makes it impossible to find a deal. Jordana Hague says the end result has led to higher prices as corporations have bought up much of the supply of homes, pushing up house prices while also allowing them to control the rent. That’s problematic because there should be more competition to keep prices reasonable.

But for others, like Demar Madison, these rental homes allow folks to try out home ownership without the full commitment. You need a new roof. You call invitational, tell them, hey, I need a new roof. So I think it just varies. I think it depends on the person. Now, while this study focused on just the top three corporations that own the most property, if you actually expanded that out to the top ten, well, they own more than 30,000 homes in the metro area.

If you expand that beyond just the immediate metro, those numbers only continue to climb higher. What happens when you buy up all of the supply? Two equals one, you are 100%. What happens when you buy up all of the supply? You then control the market. When you control the market, then you control the prices. When you control the prices, you control profitability. Solid game about power. Everybody is so focused on how much money that they’re making, and nobody is focused on how much property that they’re controlling.

And when I say property, I’m not just talking about real estate. I’m talking about anything in anything. One of the reasons why I stayed where I’m from is because I’ve built up so much equity. And when I say equity, I’m talking about equity with regards to the people that are in power, equity in real estate market equity, in being literally the biggest content creator and live streamer in Detroit, period.

Bar none. There is no bigger. I am the one that controls the market, right? I dictate what’s hot here. As far as from a content creation perspective, not entirely, but in a general sense, I am now the one that is the equity owner of what then goes on when it comes to content creation in Detroit. So in a sense, what it’s done is it’s allowed for me to continue to grow and then also do business while controlling to an extent of what happens in the market.

And it’s the same thing with every single thing that’s happening, right? So then Anton says, okay, well, listen, I don’t want to necessarily go everywhere in order to continue to buy. I just want to continue to buy up everything that’s in the spaces that I’m in. Why? Because it then dictates what happens. What gives you the voting power? Well, if you own all of the market, then that means that you own what happens.

Or you control what happens in that particular neighborhood, or you control what happens in that particular city or in that particular township or that community, or that cul de sac, because you determine what happens. And what people don’t understand is that once you get past a certain level when it comes to money, it then becomes about power. And nobody cares. Nobody cares about making it a fair marketplace.

That is for the politicians to figure out. But guess what? The politicians are owned by whoever it is that has the money, because they’re the ones that control what goes into the campaign coffers. It’s all about power. You hold the power. You make all of the money, you control the money. It’s the same thing across the board. Listen, the minute that you all start letting big box stores or corporations dictate what happened in your town, and you all stop participating with what happens inside of your city council, when you didn’t know your treasurers and you didn’t know your neighbors anymore, and everybody said, well, mind your own business, well, that’s when you allow for all of the corporations to come in and dictate what happens.

Because you ran away from your community, you decided that it was no longer yours because you gave it over into the powers that be. Then nobody owned any more stores. Nobody dictated what happened. Everybody didn’t shop, work, and play in the same area. It became a food desert. Y’all burned down your houses. And when you did that, all you did was make it cheaper for somebody else, like me, or even worse, a large corporation, to come in and buy up what’s happening in your community and then determine what happens to it.

When you hold the power, when you hold the keys, when you have all of the connections, when you know what’s going to happen before it happens, then you make the rules, which then leads me to the next conversation. .

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