The American dream is being shredded one after the other, making survival the only choice. 22 million Americans call mobile home parks, commonly called ‘trailer parks, ‘ their home for a reason. It’s the only affordable housing that exists anymore for those who are on the brink of homelessness. However, affordable housing, which was the foundation of the American real estate market, has found a new landlord who is ruthless and greedy.
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The new landlords are none other than the private equity firms who have moved into the real-estate industry acquiring large amounts of land and renting them out to trailer parks. Rents at trailer parks have shot up 60% this year and could spike further in the coming years. Mobile home residents are being ruthlessly evicted for failing to meet the new rental demands by equity firms. The equity firms have been cruel to the residents making the American dream live only on paper.
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The American Dream Is History, Survival Now Takes Centerstage
The corporation is putting profits ahead against the safety, welfare, and affordability of the trailer park residents. The conglomerates have demanded extra rent by a minimum of $200 to a maximum of $1,500 a month. The private businesses are buying several acres of land and spiking rents by more than 50% without being considerate. “There is no American dream anymore, there’s only survival,” said a resident to the More Perfect Union YouTube channel.
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Around 12 institutional investors have purchased 1,200 mobile home parks in the last three years. Wall Street investors, private equity firms, and hedge funds have realized the massive potential for returns in the real-estate sector. Only the institutional investors are living the American dream by squeezing what’s left from the poor and downtrodden. Many other institutional corporations are on a land-buying spree and the situation could only worsen in the coming years.
