Rents spike as big-pocketed investors buy mobile home parks
Investors are buying up mobile home parks across the country, leading to significant rent increases and complaints of neglect from residents
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Investors are buying up mobile home parks across the country, leading to significant rent increases and complaints of neglect from residents
LOCKPORT, N.Y. -- For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York.
Critics contend mortgage giants Fannie Mae and Freddie Mac are fueling the problem by backing a growing number of investor loans.
Institutional investors, led by private equity firms and real estate investment trusts and sometimes funded by pension funds, swoop in to buy mobile home parks.
LOCKPORT, N.Y. (AP) — For as long as anyone can remember, rent increases rarely...