The Great Recession sparked a massive transfer of wealth in California and the rest of the nation. It happened on courthouse steps around the country when an estimated 5 million U.S. families lost their homes due to foreclosure. Many of those foreclosed homes were sold in bulk at auctions, and for the first time, large numbers of single-family homes were snatched up by Wall Street firms.
This corporate scheme led to Wall Street establishing a new and wildly profitable asset class, “single-family home rentals.” Today, big corporations own an estimated $60 billion worth of single-family housing in the United States.
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