5 Key Insights from the Buying up the Bay Series on Real Estate
The Tampa Bay Times highlights the impact of corporate investors on housing
Tampa Bay, Florida, Real Estate, Investors, Housing Market, Evictions, Gentrification
Tampa Bay: The Tampa Bay Times has been digging into how real estate investors are shaking up the housing scene here. Their series, Buying up the Bay, really shines a light on the issues renters are facing.
They found that big companies are buying up homes, which is causing a lot of problems for regular folks. These investors are not just taking over multi-family units; they’re moving into single-family homes too, especially after the 2008 crash. And guess what? Their buying spree really picked up during the pandemic.
In fact, in 2021, investor purchases skyrocketed in several Florida counties. In Tampa Bay alone, these companies now own around 27,000 homes. That’s a huge chunk of the market, and over 70% of those homes are tied to big Wall Street investors.
Experts say it’s easier for these corporate buyers to expand here because Florida has laws that limit local control and renter protections. Right now, there are at least 117,000 homes owned by investors in the state.
Some folks argue that having these big companies in the market gives renters more options, especially for those who can’t afford to buy. But others point out that this concentration of ownership is driving up rents and making it harder for individual buyers to compete.
It’s not just about prices, either. Many tenants are dealing with neglected properties and maintenance issues. These companies are all about profits, and some renters feel like they’re getting the short end of the stick.
Another concerning trend is that these investors are buying up homes in historically Black neighborhoods. Research shows that properties in these areas are often undervalued, making them attractive for investors looking for high returns.
In South St. Petersburg, for example, a significant number of homes have been sold to large companies, pushing longtime residents out of their communities. Local attorney Tamara Felton Howard expressed her worries about working-class folks being priced out of their own neighborhoods.
On top of that, these investment firms are also more aggressive when it comes to evictions. They often file for evictions at much higher rates than the overall average, which is really concerning for vulnerable residents.
Despite the growing issue, Florida lawmakers haven’t found a solid solution yet. While there’s been some talk about legislation to curb these practices, nothing has really taken off. The state has been leaning towards corporate interests, leaving renters feeling pretty powerless.
As frustration grows, some homeowners are stepping up. Many are creating rules in their communities to limit corporate buyers, hoping to keep their neighborhoods intact.
Overall, Buying up the Bay is a crucial series that highlights the challenges facing Tampa Bay’s housing market. It’s a must-read for anyone interested in how these trends affect everyday lives.