Suburbia is declaring war on Wall Street investors who are scooping up houses, 'bullying people out with cash offers,' and making the neighborhood 'shabbier'
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by The Wall Street Journal's Will Parker and Nicole Friedman, who reported that groups of neighborhood volunteers are thwarting companies looking to buy single-family homes, using their power as homeowner associations to regulate how homes are used. Some of these HOAs believe that rental investors buying homes in their neighborhoods has made it difficult for local families to buy, the groups told the Wall Street Journal, and led to a decline in home maintenance, which has made their neighborhoods less desirable.
To combat these purchases, homeowners will often place caps on the number of homes that can be rented in a particular neighborhood, or require that potential tenants be vetted by an association board. Both tactics stymie the attempts of large landlords to rent the spaces. "They're coming in, and they're basically bullying people out with cash offers," Chase Berrier, president of the Whitehall Village Master Homeowners Association in North Carolina, told The Wall Street Journal. He said that some of the homes in the subdivision owned by investors in his Walkertown neighborhood now look shabbier, and that their owners are difficult to contact to resolve problems.
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