BLACKSTONE’S INVITATION HOMES IN LOS ANGELES AND RIVERSIDE
Private Equity Firms are buying up foreclosed homes en masse in LA and Riverside, mostly in low-income communities of color, taking what used to be affordable community homes and raising rents and security deposits to astronomical levels.These are the same kinds of firms who sold predatory mortgages predominantly to communities of color before the housing crisis, and now they are back in these same neighborhoods cashing in.
One hundred and thirty Invitation Homes managed properties were canvassed in South Los Angeles. These properties were chosen because they fall in the primary geographical region in which Strategic Action for a Just Economy (SAJE), a Homes for All partner works, and are in an area critical to understanding the effects of the housing collapse and Wall Street’s newest commodification strategy. Findings include tenant issues with affordablity, accessibility and healthy living standards.