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"We Buy Houses." Philadelphians Lose Out. 

March 3, 2023

By Bruce Katz, Ben Preis and Kevin Gillen 

Last year, the Nowak Metro Finance Lab, Reinvestment Fund, and Accelerator for America published a report: Investor Home Purchases and the Rising Threat to Owners and RentersThe Lab’s report highlighted the disconcerting trends of investors large and small buying up residential properties, changing neighborhoods, and harming homeowners, homebuyers, and tenants.

In Philadelphia, Jacksonville, and Richmond — which was the scope of the study’s data collection efforts — the results indicated that investors were most active in distressed neighborhoods: areas with low mortgage lending, low-incomes, and disproportionately large non-white populations. Last month, Bruce Katz presented these findings as part of a Housing and Urban Development event on Institutional Investors on Housing

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