Tenants Renting from Wall Street Pay More
According to a report released today by a California tenant advocacy group, Wall Street-backed corporations, which bought up thousands of foreclosed single family homes in California between 2009 and 2013, are charging renters above-market rents while making shoddy, minimal investments to maintain the vast inventories of homes they control in the greater San Francisco Bay Area.
The report, produced by Tenants Together, is based on questionnaires mailed to 5,200 tenants in California homes owned and rented out by Invitation Homes, Colony American Homes, and Waypoint Homes, three of the largest so-called Wall Street landlords.
The survey found that most respondents are paying higher rents than tenants who rent similar housing in the same metropolitan areas. The survey also found that 20 percent of tenants feel their landlord is making only minimal repairs, and is unresponsive to requests for service. Thirteen percent of tenants said their housing conditions included mold, rats, lack of insulation, electrical problems, bad plumbing, and other serious issues. And while African Americans account for only 6.6 percent of California’s population, they made up 26 percent of survey respondents living in Wall Street landlord housing.