I could not be more pleased! The Star Tribune opted to publish the piece I wrote earlier this week in response to the article about corporate investors buying up single family homes in North Minneapolis. You can find it in the Opinion section of the Star Tribune today, May 10, 2014.
Click Here to Read the Saturday, April 10, 2014 Opinion Piece
Saturday, May 10, 2014
Thursday, May 8, 2014
Investors Buying Up High-Quality Single Family Homes
The Star Tribune recently did an article about corporate investors purchasing a large volume of property in North Minneapolis and other areas of the Twin Cities.
There is a bigger picture here. Homeownership is a key way working class families build wealth - and when I say wealth, I'm not talking millions here - it's a way for a family to have a nest egg of maybe $75,000 or $100,000 to retire on or pass on to their kids. Now these single family homes will build wealth for corporations. This is a tragic change in our economy for the working class.
Yes - I own the duplex next door to my home, so people can say "you own a rental - how is that different" - but these are single-family homes being bought up by the hundreds across the Twin Cities, during a time when inventory levels are low and many of these are not foreclosures, and ownership will be based in a corporation, not by a neighbor vested in keeping up the property. My prediction is eventually, once all of these are cash flowing on paper, the corporation will do an IPO on Wallstreet and then there will be shareholders who own these homes, much like the securitization of mortgages.
For all of the folks who want to write this off as a "it's not illegal" and "the free market exists for a reason" thing - think about what your life would be like today if that home your parents bought in the 1960s or 1970s couldn't have been bought. Could they have bought their next house? Could they have helped you pay for college? Would they have anything to help pay for their long-term care expenses as seniors now? Homeownership is one of the few wealth-building mechanisms the working class have - we need to realize what the impact is on families and communities who lose that chance.
Here is the link to the article - please read and share:
Monday, March 24, 2014
Thursday, February 27, 2014
BEAUTIFUL ARTS & CRAFTS HOME WITH GORGEOUS WOODWORK - ONLY $134,900!
Spacious three bedroom, two bath home with beautiful Arts & Crafts woodwork, built-in buffet, bookcases, stained glass windows, fireplace, claw foot tub, and huge 2 car garage. Forced air and central air too!
3515 Colfax Ave N - only $134,900
Ask about $4,000 of down payment assistance
for owner occupant buyers.
Friday, February 14, 2014
OPEN HOUSE EXTRAVAGANZA! SUNDAY FEBRUARY 16, 2014 FROM 1 TO 3 PM!
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Saturday, January 25, 2014
New Listing! Beautiful Victory Neighborhood Home By the Parkway!
Gorgeous Victory neighborhood home just off the Parkway! Three bedrooms, two baths, fireplace, hardwood floors, fenced yard - simply gorgeous. Only $194,900.
Open House January 26, 2014 from 1 to 3 pm!
Stop by and say hello!
Wednesday, January 8, 2014
3501 Lyndale Ave N - Bank-Owned and Priced to Sell! Only $92,500!
Great buy on a classic 2 story home in McKinley Neighborhood. Hardwood floors, fireplace, spacious living room, sunny front porch, two baths, fenced yard, and detached 2 car garage. Corner Lot. Neighborhood organization offers $4,000 of down payment assistance for owner occupant buyers. Call for a showing today! 612-581-5842
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