T
he Tampa Bay Times published a series of seven articles this year examining the growing influence of real estate investors on the region's housing market. The investigation, titled "Buying up the Bay," revealed how major companies with ties to real estate and private equity have been buying up homes at an alarming rate, leaving renters with maintenance issues, higher eviction rates, and accelerated gentrification in Black neighborhoods.

    Using property data from county tax appraisers and the Florida Department of Revenue, as well as eviction records and other sources, the Times found that large companies have amassed over 27,000 homes across three counties in Tampa Bay. More than 70% of these properties are linked to institutional investors backed by Wall Street and private equity.

    Experts say that corporate concentration in the housing market has led to rising rent and sales costs, as well as neglected property maintenance. Tenants have reported a string of problems with their rental homes, including black mold and broken air conditioning.

    Investors often cluster in historically Black neighborhoods, where properties are undervalued and can bring higher returns for landlords. In Tampa Bay, company purchases are especially concentrated in the South St. Petersburg Community Redevelopment Area, home to several historically Black neighborhoods.

    The Times also found that investment firms are more aggressive in pursuing eviction cases, filing systematically and often gratuitously to extract additional fees from tenants. Housing advocates fear this practice is displacing vulnerable residents at a time when affordable rent is hard to find.

    Despite the growing concern over corporate ownership of homes, Florida lawmakers have yet to find a solution. Legislation has been introduced at the national level, but no state or federal law has come close to passing in the U.S. City and county officials say they are mostly powerless due to the concentration of power at the state level under Governor Ron DeSantis.

    As a result, a growing number of homeowners are taking matters into their own hands by passing rules requiring that buyers live in a house for a period before renting it out – effectively disqualifying corporate buyers.