Corporate landlords are eroding the American Dream of homeownership, especially in Black neighborhoods.

There has been a growing trend for institutional investors to purchase single-family homes and convert them to permanent rental properties. At the same time, homeownership rates for Black households have declined on par with the Great Recession. In new research, Stephen Billings and Adam Soliman find that investor purchases led to a decline in property values for nearby homes, almost exclusively in Black neighborhoods, as well as an increase in crime and reduced political participation and property maintenance.