Experts told lawmakers that families that needed mortgages were being outbid by private equity landlords with all-cash offers, and that they were jacking up rents, piling on junk fees, neglecting repairs and fueling eviction rates that local officials called destabilizing.
By 2024, it had gotten so bad that Rep. Pat Ryan, D-N.Y., demanded a Federal Trade Commission investigation. Ryan warned that private equity firms could control 40% of the single-family rental home market by 2030. (That’s non-apartments, or standalone homes that people rent to live in.)
I don’t understand why cities don’t use their zoning codes like clubs here. Oh, you’re renting that property out? That’s wild, since it’s zoned as a residence and not a business; you have 30 days to cease and desist or we will seize it.
Im not even 100% against renting if someone buys something and needs some time to sell but like limit individuals to one rental and I would like to see it nationally. If you want to rent several units by a multiflat or an apartment building. Also multiflats need to be way more expensive to rent if you don’t live there.