Key Takeaways
- • The Fair Housing Center of Central Indiana estimates out-of-state and other investors own roughly 40,000 single-family homes across five central Indiana counties, according to the article.
- • Amy Nelson of the Fair Housing Center of Central Indiana says investors buying homes in affordable neighborhoods over the last 10 to 15 years have reduced the supply of affordable single-family homes for purchase.
- • Nelson describes investors as poor landlords who rarely hire local property management, delay repairs, and raise rents repeatedly.
- • Author Gretchen Morgenson, whose book "These Are the Plunderers: How Private Equity Runs — and Wrecks — America" examines private equity, presented at a housing affordability event on how the industry affects housing and everyday life.
- • Advocates say Hoosiers can influence housing outcomes by learning where elected representatives stand on housing and voting accordingly.
Summary
At an event focused on housing affordability, advocates discussed how private equity firms are changing the housing market and affecting fair housing in Indiana. The featured speaker was Gretchen Morgenson, author of "These Are the Plunderers: How Private Equity Runs — and Wrecks — America." Her presentation examined how private equity firms affect housing and other parts of everyday life, according to the report.
Amy Nelson of the Fair Housing Center of Central Indiana said private equity-linked investment has made it harder for people to find affordable homes. "There simply aren't affordable single-family homes available to purchase," Nelson said, adding that over the last 10 to 15 years, investors have been buying homes in affordable neighborhoods and flipping them into expensive rentals. The center estimates investors, many from out of state, own around 40,000 single-family homes across five central Indiana counties.
Nelson also said these investors create challenges for renters. "These investors tend to not be very good landlords," she said, noting they often do not hire local property management, do not make repairs until forced to, and raise rents repeatedly.
The article profiles renters and aspiring homeowners as well. Araceli Martinez, a college graduate and child of immigrants, said renting seems like the only realistic option while she tries to get established, because housing affordability has grown relative to wages. She said she has achieved parts of the American Dream but still hopes to own a home eventually.
Advocates say expanding affordable housing starts with ensuring that affordable homes are available. Nelson encouraged Hoosiers to learn where their elected representatives stand on housing and to make their voices heard at the ballot box. The report was originally published by WTHR.
Amy Nelson of the Fair Housing Center of Central Indiana said private equity-linked investment has made it harder for people to find affordable homes. "There simply aren't affordable single-family homes available to purchase," Nelson said, adding that over the last 10 to 15 years, investors have been buying homes in affordable neighborhoods and flipping them into expensive rentals. The center estimates investors, many from out of state, own around 40,000 single-family homes across five central Indiana counties.
Nelson also said these investors create challenges for renters. "These investors tend to not be very good landlords," she said, noting they often do not hire local property management, do not make repairs until forced to, and raise rents repeatedly.
The article profiles renters and aspiring homeowners as well. Araceli Martinez, a college graduate and child of immigrants, said renting seems like the only realistic option while she tries to get established, because housing affordability has grown relative to wages. She said she has achieved parts of the American Dream but still hopes to own a home eventually.
Advocates say expanding affordable housing starts with ensuring that affordable homes are available. Nelson encouraged Hoosiers to learn where their elected representatives stand on housing and to make their voices heard at the ballot box. The report was originally published by WTHR.
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