We are moving fast to stem predatory corporate ownership and level the playing field for would-be homeowners
A Rutgers' CLiME report shows that in almost half of all residential real estate transactions in Newark between 2017 and early 2020, the buyers were not individuals looking to buy new homes but faceless corporations and LLCs backed by private equity firms. Mayor Ras Baraka says the city will take steps to level the playing field for wanna-be individual homebuyers.We learned last week that Newark is leading the country in a category we desperately want to avoid.
This is part of an alarming national trend of absentee corporate landlords buying huge swaths of single- and multi-family homes across the country, in mostly Black and brown communities. These neighborhoods are the most vulnerable, where the foreclosure crisis 10 years ago drained cities of homeowners as their properties went on the auction block.
While this is a national problem, the CLiME report said it was “most acute” in Newark and warns that the fallout from such arms-length ownership will contribute to “rapidly rising rents, decreased homeownership, higher barriers to affordable housing goals, renter displacement and less stable communities.”
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Dallas’s Mayor Says City Deserves a Second NFL TeamIf his wish comes true, the Dallas area would be the third city in America with two NFL teams.
Weiterlesen »
Mayor invites Elon Musk and Twitter to relocate: 'Miami is a global city'Miami Mayor Francis Suarez invites Twitter to move to the city amid Elon Musk’s $44-billion buyout of the company.
Weiterlesen »
Mayor Bronson vetoes funding for homeless housing assistance, citing need for bid processMayor Bronson vetoed a resolution that suspended the city's normal rules for contracts to award $900,000 in housing assistance funds to an organization to help house those facing homelessness. Bronson said it should be put through the normal bid process.
Weiterlesen »
Mayor Adams not ready to reimpose mask mandates, but will 'pivot and shift' with COVIDWe've seen COVID numbers steadily rising in New York, and according to new numbers from the U.S. government, it could get worse nationwide. DBrennanTV reports.
Weiterlesen »
Mayor Bronson vetoes $900K for homeless housing as Anchorage’s mass-care exit deadline loomsSome officials believe Mayor Bronson's veto of $900K for homeless housing will make reaching a June 30 mass-care exit deadline harder. Bronson said he’s not opposed to the funding, but thinks the contract should be put through a competitive bid process.
Weiterlesen »
New poll says 54% disapprove of how Mayor Eric Adams is handling crimeMayor Eric Adams blamed the courts after a new poll gave him low marks on fighting crime. MKramerTV tells us the mayor says there are no quick fixes and feels he's on the right track.
Weiterlesen »