Hoosiers pride themselves on their self-reliance, and especially their ability to keep a roof over their heads.
But ever since the housing crisis that brought on the Great Recession of 2008, Americans across the nation have been losing control of their housing, as huge real estate conglomerates and trusts have bought up houses, apartment buildings and even mobile home parks from financially strapped owners. Once affordable properties have been replaced by luxury apartment complexes too few can afford. Declining home ownership is a national trend. Rents have soared, even in small towns.
Small, local property owners and landlords are being displaced by nationwide real estate firms, with whom they can no longer compete for properties. Corporate owners don’t even need to keep their properties occupied to benefit, because they can use empty apartments as tax losses to offset huge profits on their portfolios of homes.
Middle class Hoosiers lose – but who wins? Large, private equity-backed developers and corporate property owners, and the politicians who put the developers’ agenda ahead of that of ordinary middle class people.