How Wall Street Became America’s Housing Villain
Also today: Seattle is building light rail like it’s 1999, and millionaire tax wins support from Rhode Island governor.
A home for sale in North Miami, Florida.
Photographer: Zak Bennett/BloombergDonald Trump’s latest idea to tackle the high cost of housing ahead of the US midterms came as a surprise to many, including some of his biggest donors: In a Truth Social post last week, the president announced he would push to ban Wall Street investors from buying single-family homes.
The idea isn’t new; both Democrats and Republicans have blamed institutional investors for exacerbating the housing affordability crisis by buying up hundreds of thousands of homes to manage as rentals. It’s not clear if Trump’s push would have a meaningful impact considering corporate landlords own only about 2% of the nation’s single-family rental stock. Their share, however, is much higher in some areas, like the Sun Belt region, where tenant advocates say big landlords often take advantage of gaps in rental laws. To break things down, Kriston Capps and Patrick Clark join host Sarah Holder on the Big Take podcast: Trump’s Push to Ban Corporate Landlords