Investors snapped up about a quarter of all single-family homes sold in Philadelphia over a period of six years, concentrating in predominantly Black and Hispanic neighborhoods with lower prices—raising concerns about affordability and the quality of available housing, a new study reveals.
Most of the investors, ranging from small outfits to large corporations, who purchased properties between 2017 and 2022 are renting them out instead of flipping and selling them, according to the report published by the Reinvestment Fund, a Philadelphia-based community investment nonprofit, and the Center for Law, Inequality, and Metropolitan Equity (CLiME) at Rutgers Law School.