There Goes the Neighborhood
“The homes on Tammy Sue Lane aren’t fancy. Modest in size and clad in vinyl siding, the houses were priced below $200,000 when most were built about 15 years ago, and for many families in suburban Nashville, they represented a first chance at homeownership. A corrections officer bought one, and so did a housekeeper and an electrician. Then some of the world’s wealthiest people bought in.” WaPo (Gift Article): This Block Used to Be for First-Time Homebuyers. Then Global Investors Bought In. “Progress Residential has been ringing up substantial profits for wealthy investors around the world while outbidding middle-class home buyers and subjecting tenants to what they allege are unfair rent hikes, shoddy maintenance and excessive fees.”