Kamala Harris wants to take on ‘abusive’ corporate landlords. How much do they actually affect your rent?
CNN
Nearly half of all renter households spend more than 30% of their income on housing costs, qualifying them as “cost-burdened,” according to US Census data in September.
In the final stretch of her bid for the White House, Vice President Kamala Harris has made improving housing affordability a core promise of her campaign. In addition to pledging to provide up to $25,000 in down-payment assistance for first-time homebuyers and a plan to drive new housing construction, Harris has also vowed to take on “abusive corporate landlords,” whom she partially blames for rent increases. Nearly half of all renter households spend more than 30% of their income on housing costs, qualifying them as “cost-burdened,” according to US Census data in September. While rent prices are undoubtedly rising, it’s unclear how much of the jump is due to corporate investors who buy up multiple properties. There isn’t a universal definition for “corporate landlords,” though Harris has called on Congress to pass a law that would remove key tax benefits for investors who acquire 50 or more single-family rental homes. “Community after community feels taken advantage of by Wall Street investors and corporate landlords who have bought thousands of single-family homes during recent downturns,” Harris’ policy platform reads. A CNN analysis found that rent increases recently outpaced wage growth in cities with a meaningful presence of big investors. But overall, these investors’ sway on the housing market is difficult to measure, said Michael Seiler, a real estate and finance professor at the College of William & Mary.
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