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Wall Street Buyout Puts Further Challenges Towards Homeownership in North Carolina

Source: The New York Times

According to a report by The New York Times, large out-of-state investors have bought up middle- and working-class neighborhoods across the state. The Wall Street takeover of local communities is coming at an expense for many homeowners in North Carolina. 

For example, mortgage rates are at a 21-year-high in Charlotte, with home prices continuing to rise, according to The NYT

Many advocates are concerned about the accessibility to affordable housing. To advocates, the proliferation of single-family rentals rather than the accessibility to become homeowners, traps would-be buyers

“It’s a thing of scale — they’re reaching near monopoly in some places,” said Madeline Bankson, a housing research coordinator at Private Equity Stakeholder Project, told The NYT. “They’re shutting people out of the home-buying process.” 

For many Americans, having a home is their largest financial investment and a source for generational wealth – however, it is not widely accessible for Black and Brown communities. According to The New York Times, only 46 percent of Black households and 49 percent of Latino households own a home, both well below the national average of 66 percent. 

“They say they can rent you the American dream, but I know hundreds of people who don’t want to rent — they want to own,” Jessica Moreno, a community organizer at Action NC,  told The NYT

In North Carolina, housing instability is a prominent issue facing many across the state. Data from the National Low Income Housing Coalition found that almost 348,000 renter households in North Carolina are at an extremely low-income level, and 69 percent of these households have severe housing cost burdens. 

Read more at The New York Times.


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