The park is in an area where several homes have been purchased by investors. Local residents hang out at Silver Lake Park, at 1311 11th Ave. For Black residents, who face hurdles finding safe and affordable housing due to structural racism, the stakes are even higher. This creates more competition for homebuyers and has been tied to rising rents, experts say. But 7 out of 10 of the homes are linked to large institutional investors backed by Wall Street and private equity dollars, a Times analysis of property data found.Īcross the Sun Belt, corporate investors are buying single-family homes and turning them into rentals. Some of those homes are owned by smaller companies or local landlords. Real estate investors own more than 27,000 homes in Tampa Bay. “I want people who are from here to be able to live here and enjoy it.” Lasting impacts of segregation “My concern is that working-class people are being priced out of this market,” she said. Increased investment can lead to cleaner streets, new businesses, lower crime and higher property rates, said Tamara Felton Howard, a local attorney who helped with real estate development in the Community Redevelopment Area.īut as companies cash in on the area’s newfound popularity, she fears the effects won’t be felt by the people who grew up there - but by the newcomers who replace them. “Communities that have a greater range of housing options are more livable communities,” he said. These companies buy homes everywhere in the Tampa Bay area, the Times found, but their purchases are especially clustered in the district’s historically Black neighborhoods, including Campbell Park, Jordan Park, Bartlett Park, Melrose Mercy, The Deuces and Childs Park. Petersburg Community Redevelopment Area, a 7.4-square-mile district where the city provides resources to encourage economic development. While longtime residents are priced out of communities they’ve called home for generations, the area just south of downtown has become ripe for real estate investors.Ī Tampa Bay Times analysis has found that large companies have bought hundreds of properties in the South St. Lovett’s story has played out countless times in Campbell Park and other historically Black neighborhoods in St. Lovett moved to Atlanta, where he could get a new five-bedroom house for the price of a two-bedroom fixer-upper in St. His family eventually sold his grandparents’ home to a real estate investor. The home that formerly belonged to Keylon Lovett’s grandmother, which was abandoned and sold after falling into disrepair, on Feb.
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