If Minnesota follows the pattern in a dozen other states, the future for the Blaine International Village tenants promises to be profit squeezing during the ongoing housing crisis.As Mari describes, these firms total over $60 billion through the use of complex financial products like Real Estate Investment Trusts (or REITs) and private equity firms. As is the case with many Wall Street efforts, tracing the links between LLCs, mergers and acquisitions creates a maze of opaque names like Strategic Property Management, Colony Capital, Starwood Waypoint, and (one the largest) Invitation Homes. The piece, by Francesca Mari, looks at the practices of institutional landlords buying up homes in California as part of investment portfolios. Last year, at the dawn of the COVID pandemic, the New York Times Magazine ran an in-depth cover story on the growth of housing financialization. Over the last decade, real estate financialization is rapidly growing in parts of the country with acute affordability crises, including Minnesota. A great deal of government funding is predicated on the idea of building individual wealth through home ownership.īut there’s a difference in scale and precision between the practices of local landlords and national-scale institutions, which are increasingly using residential property as part of financial investment schemes. ![]() housing policy has long celebrated the idea of homes as investment vehicles for families. Real estate speculation is nothing new to American history, and should make any list of our nation’s founding principles. It’s an increasing trend pitting financial firms against people’s homes in cities across the country. If Minnesota follows the pattern in a dozen other states, the future for the Blaine tenants promises to be profit squeezing during the ongoing housing crisis. Funded by veterans of the Nu Skin multilevel marketing operation, the parks will be just one small part of a financial portfolio of Midwestern manufactured home communities aimed at returning profits for its financiers, who have aggressively expanded over the last year. ![]() Earlier this month, the community, along with a similar park in Chaska, was bought by a Utah-based investment firm called Havenpark Capital Partners for the total of $71 million. For almost a half century, the park has been a locally owned, family-run enterprise offering some of the lowest lot rents in the Twin Cities.īut quietly this year, in the midst of the COVID-19 pandemic, the community joined an increasing American trend. Most people speeding past on Blaine’s busy Highway 65 likely don’t notice Blaine International Village, a community of about 500 manufactured homes tucked alongside the road.
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