Big Business Loves The Housing Crisis
What’s your favourite type of landlord? It’s an odd question, but it’s one that commentators keep asking as housing crises of various types continue to take shape across the world. In a recent series of articles, economist Brett Christophers analysed the workings of Blackstone, a New York-based asset management firm which has become a phenomenally successful (and deeply harmful) institutional player in American housing markets. At the moment, the picture in the UK is very different—small-scale individuals vastly outnumber institutions in the buy-to-let market—but there are signs that this is starting to change.
Last week, Lloyds Bank announced its plans to become one of the UK’s biggest landlords by buying 50,000 homes over the next four years – roughly equivalent to buying every dwelling in Exeter.