Amid a national housing crisis, giant private equity firms have been buying up apartment buildings en masse to squeeze them for profit, with the help of government-backed Freddie Mac. Meanwhile, tenants say they’re the ones paying the price.
President Biden promised to expand the Housing Choice Voucher program so that everyone who qualifies for a voucher gets one. What exactly would that change entail, and how long could it be before we see it happen?
The U.S. Department of Housing and Urban Development can provide $10 million to tenant organizers each year, but the funding has largely gone unspent since the early 2000s. Will that change with a new administration and newly approved HUD secretary?
Ultimately it is crisis-ravaged real estate where Blackstone seeks to continue to find a goldmine while anchored by generous political contributions and fueled by desperation capital pouring out of central banks and governmental treasuries.
Alex Ferrer, Terra Graziani and Jacob Woocher
We must see real estate market for what it truly is: an institution rooted in settler colonialism that allows land (and the housing that sits atop it) to be distributed and controlled by those who have enough money for their preferences to matter.
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