NEWARK, NJ — There's a disheartening new trend developing in Newark. And it may be a big reason why the cost of renting a home is rising in New Jersey's largest city, a new study says.
Earlier this week, the Rutgers Center on Law, Inequality and Metropolitan Equity (CLiME) released a report that highlighted a startling statistic: nearly half of Newark's residential property is owned by corporations. It's the highest rate in the nation, researchers said.
"What has happened in other cities is happening in Newark, but on a scale unmatched anywhere in the country," the report states.
According to researchers, between 2017 and 2020, about 2,500 homes were sold to institutional buyers – more than 47 percent of the city's buildings with one-to-four units. That's a threefold increase in investor purchases since 2010, when less than 20 percent of all residential sales were to institutional buyers.
Continue reading this article from Patch in its entirety below:
Who Owns Newark? City Fights Back Against Corporate Home Buying Spree
