COLUMBUS, Ohio (WCMH) – The influx of out-of-town and private investment firms seizing single-family homes in Ohio led one state lawmaker to devise a plan to even the playing field for local homebuyers.
Private investment firms with a “boatload of resources” and cheap debt often place cash bids on homes just hours after they’re listed online, according to Carlie Boos, executive director of the Affordable Housing Alliance of Central Ohio.
When corporate investors are willing to waive contingencies and purchase homes with no inspection, sight unseen, Boos said they’re contributing to a “feeding frenzy” that’s leaving the “average Joe” high and dry.
“That’s just not a fair fight,” Boos said. “In that scenario, a human being is going to lose to a computer algorithm from Wall Street every single time.”