Wall Street Firm Buys Up 44,000 Homes in Depressed Areas

According to DePaul’s Institute for Housing Studies, a private equity firm has purchased 44,000 homes across the country since 2012, including 1300 in Cook County. The Blackstone Group took advantage of the depressed housing market and purchased the homes cheaply. DNAInfo reports that the firm is renting the houses out now, but the relationship between tenant and landlord hasn’t been successful.

National news outlets are awash in stories about rocky relations between Invitation and its tenants, including claims of neglect on the part of property managers and swift evictions for those who can’t make the rent.

A recent Huffington Post investigation revealed a host of tenant complaints about shoddy cosmetic repairs and poor customer service.

The neighbors where the houses are being rented, like Garfield Ridge, Jefferson Park, Galewood and Beverly, are concerned that the properties won’t be taken care of and the impact on the neighborhoods.

It’s estimated Blackstone invested $8 billion on the venture.