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Eric Levitz
Amazing. Warren is deliberating trying to choke off investment in the construction of *new* single-family rental properties.
This is profoundly regressive. Why is it OK for large investors to build and rent out apartments but not single-family homes?
Many working-class Americans don't have high enough incomes or credit scores to buy a home. If we cut off investment in rental houses, then these families won't be able to live in large swathes of America: Roughly 70 percent of all residential land is zoned for single-family residences.
The only way for working-class people to live in many affluent suburbs -- and access their high-performing schools -- is to rent a house. For this reason, corporate investment in single-family homes reduces socioeconomic segregation.
Warren's policy effectively helps rich people keep working-class renters out of their towns -- while reducing the overall supply of housing and nudging up rents. It prioritizes populist symbolism over progressive outcomes.
Mar 12, 01:15
Warren says the housing bill does *not* have a drafting error, as Schatz said today
Rare Dem leadership split
“The policy is to block private equity from taking over the single family home, and that is quite deliberate. There are some folks in private equity who don't like that, but it's a very deliberate choice that is supported on a bipartisan basis by 90 senators.”
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