Bloomberg Talks Miller Samuel CEO Jonathan Miller Talks Institutional Investors in Real Estate Market
Jan 8, 2026
Jonathan Miller, President and CEO of the real estate firm Miller Samuel, dives into the impact of institutional investors on the housing market. He clarifies that these entities own only about 1% of single-family homes, countering perceptions from the post-crisis era. Miller argues that banning institutional buyers won't solve affordability issues; instead, increasing housing supply and adjusting zoning laws are key. He also highlights regional disparities post-COVID, and discusses how rising mortgage rates are driving up home prices despite the market's constraints.
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Institutional Investors Are A Small Share
- Institutional investors account for only about 1% of the single-family housing stock, making their overall market impact small.
- Jonathan Miller argues banning them would not meaningfully improve housing affordability.
Geography Limits Investor Impact
- Institutional investors concentrate in the Sunbelt where housing supply is softer, not in tight Northeast or Midwest markets.
- Miller says that geographic concentration weakens the argument that Wall Street broadly drives affordability problems.
Post-Crisis Buying Left A Lasting Impression
- Miller recalls firms buying large volumes of foreclosed homes after the 2008 financial crisis, making them highly visible.
- Some of those firms later sold portions of their portfolios as markets peaked in recent years.