Are Financial Landlords Good for Cities?

Financial landlords claim to contribute to the housing stock, but they also have higher rates of eviction and above guideline rent increases than other housing providers. Since the 1990’s, ownership of rental housing by financial firms has drastically increased, with more financial landlords, such as investment trusts and asset managers owning more apartment buildings than before. This has contributed to a shift that’s turned housing into an investment product for third-party investors, who have increasingly consolidated ownership of rental properties across the country. In this episode, Martine August, affordable housing advocate and financial landlord researcher, explains how financial firms are changing the rental landscape, often at the expense of low-income communities. We unpack data on rent increases, eviction rates, and maintenance issues, and discuss why rent control and non-market housing are crucial tools for protecting tenants.