"Shadowy private equity giants are buying up the housing supply in communities across New York, leaving everyday homebuyers with fewer and fewer affordable options."
"It’s another example of policy that will stifle investment in housing in New York," said James Whelan, president of the Real Estate Board of New York.
Private equity firms own more than 500,000 homes nationwide, and estimates suggest they could own 40% of the single-family rental market by 2030.
New York State ranks 32nd in the nation in housing unit growth between 2012 and 2022, adding approximately 462,000 housing units.
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