Stacked Against Us Building the Housing Trap
Oct 28, 2025
Chuck Marone, founder of Strong Towns and urban finance advocate, teams up with Don Mullen, former Goldman Sachs partner, to unpack the financialization of housing since the 2008 crash. They explore how federal policies shifted housing from shelter to investment, leading to institutional landlords dominating markets. Mullen highlights strategies to convert foreclosures into rentals, while Marone defines the 'housing trap' that tensions affordability with investor profit. They discuss the implications of corporate ownership on tenants and the urgent need for local solutions.
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Crisis Policy Turned Homes Into Assets
- After 2008, Fed policies repurposed foreclosed homes for rent to stabilize markets and protect banks.
- That response repaired prices but converted homes into attractive assets for large investors.
Cheap Money Fueled The Housing Gold Rush
- Near-zero interest rates and quantitative easing made borrowing extremely cheap and pushed investors toward housing.
- Cheap capital transformed risky foreclosures into low-risk opportunities for scalable landlords.
Wall Street Bought Whole Neighborhoods
- Blackstone and others moved in fast, buying tens of thousands of single-family homes after 2011.
- Investors bought at auctions and bulk sales, creating entire corporate-owned neighborhoods.
