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After any calamity, real estate vultures pop up to purchase properties at a steep discount.
Real Estate Vultures Eye Middle-Class Enclave of Ravaged LA
What is not widely known is that CBRE purchased thousands of below-market distressed homes during the financial crisis. You know, the same company chaired by billionaire Philip Blum, the husband of Senator Dianne Feinstein.
Blum and Blum Capital Partners own Colony Homes of Colony Capital. Colony American Homes is the “leading owner and provider of high-quality single family residences for rental across the United States.”
They’re not considered good landlords: rents above average, utilities not included, maintenance is poor. Democrat Governor Jerry Brown, at the time, diverted $331 million from foreclosure relief to balance the state budget on the backs of California’s working poor and lower middle class. Yay, Democrats.
Of note, CBRE collected more than $108 million helping the FDIC selling foreclosed properties.
Firm chaired by Sen. Feinstein’s husband cashes in on another financial crisis – Washington Times
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BTW, the large home rental companies think American houses are dramatically overvalued. In part, I’m guessing, because they help keep homes off the market.
Wall Street Thinks U.S. Homes Are Overpriced – WSJ
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