National Rental Home Council
You may recall this story: The Wall Street gold rush in foreclosed homes. Wall Street’s new housing bonanza. Wall Street Landlords Buy Bad Loans for Cheaper Homes.
American Homes 4 Rent (AMH), a landlord with more than 21,000 homes founded by billionaire B. Wayne Hughes, announced a joint venture in September to buy distressed mortgages.
Hughes, who pioneered warehouses for Americans needing storage space, saw the opportunity to create a rental empire after the housing crash. Hughes brought together a group of executives from his company Public Storage to begin buying homes in early 2012.
At around the same time, Blackstone Group LP started Invitation Homes, a single-family landlord that has spent $8 billion on 43,000 homes.
Now these charming bankers in the foreclosure-to-rental business have clubbed together to start a lobbying group, er, trade association.
Their website doesn’t feature the snout-houses so beloved of subprime suburbia, but instead is decorated with the most colourful traditionalist architecture on well-manicured, seemingly pedestrian-friendly streets.
Streets like this one, featuring the famous Jellybean rowhouses of St John, Newfoundland, Canada:
As far as I know, the subprime crisis didn’t stretch that far north-east, but I could be wrong!
Can any readers identify the following familiar-looking sites? Ping me @ neil21 with your answers!
Update: a Strong Towns member makes the point I should have guessed. They’re stock photos.
All of the descriptions call them new-builds, but that could be as fake as the NRHC.
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