How Wall Street cashed in on the American Dream: Homebuyers outbid in droves by investors

Another great piece of investigative reporting by the Indy Star’s Ko Lyn Cheang and Claire Rafford. See the article here

Indianapolis is in the top 10 cities for investor-owned rental properties. We’re on pace to be in the top 5. Indiana’s laws make us ripe for institutional investors to buy rental property because tenants have no rights, allowing landlords to act with absolute impunity.

Residents wanting to buy homes are outbid by cash offers over the asking price, falsely inflating property values and the tax base. “Investors have cottoned on to the fact that increasingly many families are now destined to be lifelong renters. By their own declaration, the continued success of their business model, profiting from rent checks, relies on the ever-increasing cost of homeownership.” Spoiling the American dream is one thing, but these investors are spoiling the American economy!