Six years after the outbreak of the financial crisis that caused the recession in the United States and much of the world, Wall Street investors are rubbing their hands with billionaire profit potential offered by the rental market of houses in this country.
Just when housing prices hit bottom in January 2012, large institutional investors started buying distressed properties in the areas hardest hit by the foreclosure crisis, and to date 200,000 Property acquired.
In a single year the private equity giant Blackstone Group went from having no real property to be the largest owner of single-family rental housing (VUA) in the United States.
Now, several companies, including Blackstone, market their VUA similar bonds backed by mortgages that fueled the economic recession of 2008 values.
As these values, VUA bonds are backed by dwellings, but this time are the rental payments, and no mortgage, which amortized interest. Securitization free money, which allows buyers to purchase more great properties with less capital, increasing its influence -. Risk and "Before the owners were people by name, but now companies with large portfolios that span multiple states. Will the systems work are installing Will keep "? analyst Sarah Edelman.
VUA emissions bonds so far are small, with a value less than the 3,000 million. But organizations defending the right to housing pressure on the authorities to strengthen supervision of the growing market. Wall Street's role as owner is unprecedented, and nobody knows what to expect, even fewer families rented houses.
In 2013, two economists at the Federal Reserve - the U.S. central bank - warned the institutions that could "have difficulty in managing large amounts of rental properties or proper maintenance of the houses."
In fact, in May a couple of the town of Sun Valley, in the western state of California filed a lawsuit against a subsidiary of Blackstone, Invitation Homes for toxic mold in your home that caused them "nosebleeds, headaches, fatigue, memory loss, inability to concentrate, chronic runny nose, breathing problems and other symptoms similar to chronic flu. "
In January, the state legislature, Mark Takano, demanded a public inquiry into the matter, which has not yet materialized.
"The securitization will allow bad practices flourish exponentially," he told IPS Kevin Stein, associate director of the California Reinvestment Coalition, a coalition that advocates for access to credit for low-income manager. "We do not know what kind of manager will own, or whether there will be pressure to raise rents," he added.
In October, the investment bank Deutsche Bank sold the first bond backed by VUA, for 479.1 million dollars in anticipated payments of 3,207 rental housing belonging to the enterprise Invitation Homes.
The business accounted for a fraction of the 44,000 homes that Blackstone has nationwide. For next summer goal is to securitize their units valued at 1,000 million dollars.
Overall, in the past three years, major investors spent 20,000 million in the purchase of real estate. The idea to keep a larger share of the $ 3 trillion market representing family homes has many on Wall Street rubbing his hands with enthusiasm.
His entry into the housing market comes at a time when inequality reached record levels in the U.S., where the extraction of the poorest wealth was normalized.
The financialization of everyday life means that something as common as a landlord it's up to your door to collect rent now involve thousands of investors, thousands of miles away, to urge the owner to obtain a greater profit.
"The single-family rentals are not anything new," said Sarah Edelman, analyst research center Center for American Progress. "Before people were the owners by name, but now companies with large portfolios that span multiple states," told IPS.
Will the systems work they are installing? Can they keep them? "He asked.
Since institutional investors may pay more than the selling price - in cash - for numerous properties in practice drove the potential individual owners and raised prices in several housing markets. In one year the percentage of cash buyers doubled, reaching 40 percent of all home sales.
The same lenders generously handing hazardous mortgage loans "subprime", or high risk, before 2008, now reduced to personal credit mortgages, which worsened the outlook for tenants looking to move into a home.
That brought the percentage of homeowners at least the last 20 years and rents rose in virtually all areas of the country. However, revenue move in the opposite direction. Between 2000 and 2012 rents rose 12 percent in real dollars, while the average income of tenants fell 13 percent in that span.
In theory backed securities VUA release funds for the expansion of the rental market. Although there is an immediate need for affordable housing is difficult to digest that Wall Street is renting homes that their owners were forced to leave by the very bad behavior of financial firms.
"Millions of families lost their homes in the mortgage crisis and now as a result we have millions of families looking for houses to rent," said Edelman. "It is true that we need a greater supply of rental housing, but we must also ensure that they are stable," he said.
But as VUA bonds, as apparently happens to all financial instruments, become more and more inevitable, the defenders of the right to claim that housing authorities are not unaware.
Like "The sector has many precedents in the matter is important to establish what the best practices, and state and local regulatory authorities review their policies of relations between landlords and tenants," Edelman argued.
Emissions are rising. In April, the American Colony Estate Homes sold bonds worth $ 513 million, while in May American Homes 4 Rent, the largest owner of single-family homes traded, sold securities by $ 481 million.
Over half of the properties in the business of American Homes 4 Rent are in the cities of Atlanta, Dallas, Las Vegas, Phoenix and Tampa, some of the hardest hit when the bubble burst housing.
"Securitization only provides a mechanism for increasing the volume of this activity," Stein explained to IPS. "It's not surprising that they have found a way to profit from this," he said.