View video here – http://www.kcra.com/article/dozens-protest-investment-firm-cornering-rental-housing-market-in-sacramento/21757019

Invitation Homes / Blackstone

Leasing Lifestyle: Dozens of people protested Thursday in Roseville against Invitation Homes / Blackstone, an investment firm that has overtaken the rental housing market in the Sacramento area, leading to increased costs.

Transcript

RENTAL HOMES USED TO BE MAINLY OWNED BY MOM AND POP INVESTORS. BUT NOW SO-CALLED INSTITUTIONAL INVESTORS LIKE INVITATION HOMES / BLACKSTONE HAVE HIT THE MARKET, COMPANIES THAT BUY FORECLOSED OR OLDER HOMES AND THEN RENT THEM OUT. ONE COMPANY IN PARTICULAR, BLACKSTONE, OWNS THE MOST SINGLE FAMILY RENTAL HOMES IN SACRAMENTO COUNTY. THERE ARE JUST OVER 100,000 RENTAL HOMES IN SACRAMENTO COUNTY. AND BLACKSTONE / INVITATION HOMES OWNS 1.5% OF THOSE THAT’S MORE THAN 1500 HOMES IN JUST SACRAMENTO COUNTY THERE ARE OTHERS IN SURROUNDING COUNTIES. THE MEDIAN PRICE FOR A THREE BEDROOM HOME IN SACRAMENTO IS MORE THAN $1800. FOR A FOUR BEDROOM, IT’S $210 RENT INCREASES HAVE SEEN 10% JUMPS IN A YEAR. THOSE INCREASES ARE IN PART WHY PROTESTORS STORMED THE OFFICES OF INVITATION HOMES IN ROSEVILLE TODAY. DEMONSTRATORS TOOK OVER THE LOBBY, EVEN ANSWERING PHONE CALLS. SEVERAL DOZEN CHANTED AND BANGED ON DOORS, MANY OF THEM WERE BUSED OVER FROM THE HEARINGS AT THE CAPITOL TODAY. >> THE LEGISLATURE FAILED TO DO WHAT NEEDS TO BE DONE AS FAR AS HOUSING IS CONCERNED. THERE’S A HOUSING CRISIS IN CALIFORNIA. WHEN THE LEGISLATURE DIDN’T DO WHAT THEY ARE SUPPOSED TO DO THE PEOPLE HAVE NOW TAKEN UP THE MANTLE AND MADE OUR VOICES HEAR KEVIN: THE DEMONSTRATORS WERE HERE FOR ABOUT AN HOUR TRYING TO GET THE ATTENTION OF THE OFFICE STAFF WHO WORK HERE. IT APPEARED THE EMPLOYEES OF INVITATION HOMES LOCKED THEMSELVES IN INTERIOR OFFICES BLACKSTONE SAYS THEY OWN A REALLY SMALL PERCENT OF THE HOMES IN THE MARKET BUT CRITICS SAY BLACKSTONE OWNS ENOUGH.