PROGRESS RESIDENTIAL AND THE RACIAL WEALTH GAP

The report argues that Progress Residential has extracted over $60 million in wealth from Hennepin County, specifically targeting starter homes in the historically Black neighborhood of North Minneapolis. This extraction occurred through home value appreciation and the collection of monthly rents, which prevented working-class families from building equity. The document also details systemic maintenance failures, high tenant fees, and the broader context of racial disinvestment in North Minneapolis.

• Progress Residential and its subsidiary Front Yard Residential extracted an estimated total of over $60 million in wealth from Hennepin County, with more than $40 million of that extracted from North Minneapolis.
• Wealth extraction through home value appreciation totaled $37.2 million in Hennepin County and $24.9 million in North Minneapolis, as properties purchased by the company have doubled or more than doubled in value.
• The collection of monthly rents resulted in an estimated wealth extraction of $23.2 million in Hennepin County and $16.7 million in North Minneapolis, replacing the equity building that occurs with mortgage payments.
• Progress Residential currently owns over 300 single family rental homes in Hennepin County, with more than 220 located in the historically Black neighborhood of North Minneapolis; many were starter homes ideal for first-time buyers.
• The company has faced significant legal and regulatory actions for neglecting property maintenance, including a lawsuit by the Minnesota Attorney General and the revocation of a rental license in Columbia Heights.
• In addition to rent, Progress Residential imposes various high fees on tenants, such as a 10% late fee, a $200 eviction administration fee, and a $75 "trip fee" for maintenance visits.

APA

Ash, J., & Bankson, M. (2023). PROGRESS RESIDENTIAL AND THE RACIAL WEALTH GAP. Private Equity Stakeholder Project. https://pestakeholder.org/wp-content/uploads/2023/06/PESP_Report_Extraction-of-Wealth_May2023-v3.pdf

Chicago

Ash, Jordan, and Mad Bankson. PROGRESS RESIDENTIAL AND THE RACIAL WEALTH GAP. Private Equity Stakeholder Project, 2023. https://pestakeholder.org/wp-content/uploads/2023/06/PESP_Report_Extraction-of-Wealth_May2023-v3.pdf.

Wikipedia

{{cite report |last1=Ash |first1=Jordan |last2=Bankson |first2=Mad |title=PROGRESS RESIDENTIAL AND THE RACIAL WEALTH GAP |publisher=Private Equity Stakeholder Project |date=June 2023 |url=https://pestakeholder.org/wp-content/uploads/2023/06/PESP_Report_Extraction-of-Wealth_May2023-v3.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ash2023progress, author = {Ash, Jordan and Bankson, Mad}, title = {{PROGRESS RESIDENTIAL AND THE RACIAL WEALTH GAP}}, institution = {Private Equity Stakeholder Project}, year = {2023}, month = jun, url = {https://pestakeholder.org/wp-content/uploads/2023/06/PESP_Report_Extraction-of-Wealth_May2023-v3.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }