VULTURE WARS

The report details how Alden Global Capital, a hedge fund known for stripping local newspapers, has expanded into manufactured housing. Through its affiliate Homes of America, the firm has acquired over 10,000 lots in 138 parks across 17 states, spending over $275 million. The document argues that Alden employs a 'strip and flip' model, characterized by aggressive rent increases, high eviction rates, and the neglect of property maintenance to maximize profits. It highlights specific cases of resident displacement and financial abuse, particularly in Florida, and calls for state and federal policy interventions to protect vulnerable residents.

• Alden Global Capital, through its affiliate Homes of America, has invested over $275 million to acquire more than 10,000 manufactured housing lots across 138 parks in 17 states over the last four years.
• The company has engaged in aggressive eviction practices, particularly in Florida, where 68% of its civil eviction filings reached the stage where tenants were ordered to vacate, significantly higher than the U.S. average of 43%.
• Homes of America has implemented substantial lot rent increases, with some parks seeing hikes of approximately 50% to nearly 100% following acquisition.
• The report identifies a pattern of 'strip and flip' behavior, where Alden maximizes revenue by raising rents and fees while minimizing costs by neglecting maintenance and habitability.
• Alden's business model extends beyond housing and newspapers to other predatory real estate ventures, including the acquisition of 33 Greyhound bus stations for redevelopment and the purchase of $1.75 million in tax liens on over 600 delinquent properties in Cook County, Illinois.
• Residents of Alden-owned parks report a decline in living conditions, including issues with water quality, road maintenance, and the removal of community amenities.

APA

Bankson, M., & Ash, J. (2024). VULTURE WARS. Private Equity Stakeholder Project. https://pestakeholder.org/wp-content/uploads/2024/09/PESP_Report_Vulture_Wars_2024.pdf

Chicago

Bankson, Madeline, and Jordan Ash. VULTURE WARS. Private Equity Stakeholder Project, 2024. https://pestakeholder.org/wp-content/uploads/2024/09/PESP_Report_Vulture_Wars_2024.pdf.

Wikipedia

{{cite report |last1=Bankson |first1=Madeline |last2=Ash |first2=Jordan |title=VULTURE WARS |publisher=Private Equity Stakeholder Project |date=September 2024 |url=https://pestakeholder.org/wp-content/uploads/2024/09/PESP_Report_Vulture_Wars_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{bankson2024vulture, author = {Bankson, Madeline and Ash, Jordan}, title = {{VULTURE WARS}}, institution = {Private Equity Stakeholder Project}, year = {2024}, month = sep, url = {https://pestakeholder.org/wp-content/uploads/2024/09/PESP_Report_Vulture_Wars_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }