Hochul said "shadowy private equity giants are buying up the housing supply in communities across New York, leaving everyday homebuyers with fewer and fewer affordable options."
A report from Harvard University's Joint Center for Housing Studies found that non-individual investors owned a quarter of single-family rentals in 2021, with larger investors focusing on newer homes.
Seumalu Elora Lee Raymond noted that the average home buyer can't compete against large investment firms which distorts the housing market and limits options.
Experts have pointed to high mortgage rates and years of underbuilding new homes as factors contributing to housing scarcity for individual buyers.
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