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Lawrence committee opens study of 'predatory' rental purchases, residents press for inspections and caps
Summary
City of Lawrence committee heard residents, housing experts and councilors describe how out-of-state investors buying homes for cash can raise rents, increase evictions and reduce owner-occupied housing; panel agreed to gather data and return with possible next steps.
The City of Lawrence Common Council Code and Rules Committee on March 25 opened a public discussion on what speakers called “predatory” purchases of single-family homes by investor landlords and large rental corporations, and on local steps the city might take to limit harm to renters and long-term homeowners.
The session, attended by councilors and residents, featured extended remarks from Ali Brown, Indianapolis District 10 councilor, who described investors buying homes for cash, converting them to rentals and reducing opportunities for first-time buyers. "It is very difficult ... to even compete or think about buying a home in Lawrence," Brown said, adding that many renters “give back to the city in numerous ways” and that the problem is worsening since 2019.
Housing policy specialist Allison Cole urged the committee to treat the issue as part of a national shift of capital into housing markets. "Wall Street is literally coming in and plundering our housing stock," Cole said, citing a National…
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