'Wall Street investors' receiving blame from lawmakers for housing affordability crisis

  • 📰 KUTV2News
  • ⏱ Reading Time:
  • 51 sec. here
  • 9 min. at publisher
  • 📊 Quality Score:
  • News: 48%
  • Publisher: 63%

Housing Affordability Crisis News

Investors,Single-Family Homes,Lawmakers

Lawmakers in Congress and state legislatures are increasingly looking into limiting or banning large investment groups from buying single-family homes and turni

A housing development in Cranberry Township, Pa., is shown on Friday, March 29, 2024. ng them into rental properties as they try to grapple with anThe U.S. housing market is in one of its most unaffordable stages ever with listing prices averaging nearly $400,000 and mortgage ratesthat add hundreds of dollars onto a monthly mortgage payment. It has left many would-be buyers on the sidelines and younger Americans wondering if they will ever be able to achieve the life goal of homeownership.

They have pulled back as mortgage rates climbed to nearly 8% and have settled at higher rates than what had been available during the pandemic, but that hasn’t eased concerns for policymakers trying to shape the government response to an affordability crisis in the housing and rental markets. “The housing in our neighborhoods should be homes for people, not profit centers for Wall Street. Yet, in every corner of the country, giant financial corporations are buying up housing and driving up both rents and home prices,” Sen. Jeff Merkley, D-Ore, said in a statement with the bill’s introduction. “It’s time for Congress to put in place commonsense guardrails that ensure all families have a fair chance to buy or rent a decent home in their community at a price they can afford.

But the percentage owned by large groups is much higher in some markets like Charlotte and Atlanta, which has frustrated prospective homebuyers and lawmakers trying to grapple with the affordable housing crisis.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 281. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Wall Street IG Client Sentiment: Our data shows traders are now net-long Wall Street for the first time since Nov 02, 2023 when Wall Street traded near 33,825.70.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger Wall Street-bearish contrarian trading bias.
Source: DailyFX - 🏆 305. / 63 Read more »