Many American renters are already extremely burdened when it comes to housing costs, with about 25% nationally paying more than half their monthly income toward housing. On May 12th 2015 Tenants Together released a report on the experience of tenants renting single-family homes from the three biggest Wall Street landlords in California: Blackstone/Invitation Homes, Waypoint Homes, and Colony American Homes.
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The municipal workers, whose pensions are theoretically protected under the Michigan Constitution, are classified as “unsecured” claimants who will get the scraps after the secured creditors put in their claims. The banking casino, it seems, trumps even the state constitution. The banks win and the workers lose once again.