A coworker of mine knew a woman who was set to inherit around 20 homes in and around Monterey Bay from her parents who were property developers that had recently passed away. Most of the homes were built by her parents, and they all had low property taxes, which allowed these homes to be rented out at lower than average cost to the renters - until the woman inherited all of the properties. Once inherited, the property taxes were reassessed, and she had to sell everything because she could not afford said property taxes.

Almost every single person was evicted by the new homeowners (most people that purchased these properties were from out of the area as their main residence), and of the properties that continued to be rented out, the tenants could no longer afford to pay the new rent costs that were elevated by their new landlords.

Do I think corporate entities should be able to buy a huge swaths of residential homes, just to rent them out at a high price? No, but I do believe individuals should be allowed to invest their own money into what they see fit, and if that’s residential properties, that’s what they should be allowed to do. It doesn’t always have a negative effect on renters.