Statement for the Record October 21, 2021 Hearing of the Senate Committee on Banking, Housing, and Urban Affairs How Private Equity Landlords are Changing the Housing Market

The Private Equity Stakeholder Project (PESP) testifies that manufactured housing, which comprises 6.3% of the U.S. housing stock, is increasingly owned by private equity firms and institutional investors. These owners leverage the limited mobility of residents—who often cannot move or sell their homes without significant loss—to increase rents and fees. PESP highlights YES! Communities as a primary example of aggressive eviction practices, particularly during the COVID-19 pandemic. The document calls for rent regulations, 'good cause' eviction laws, and paths toward resident or public ownership to preserve affordability and safety.

• Manufactured housing serves as a critical source of affordable housing for low-income and fixed-income populations, with 6.3% of the total U.S. housing stock consisting of manufactured homes and 14% in rural areas.
• Residents of manufactured home communities are uniquely vulnerable to exploitation because their homes are difficult and expensive to move, with average costs between $5,000 and $10,000, and community owners often restrict home sales.
• There has been a significant increase in institutional investment in manufactured home communities; between July 2020 and June 2021, investors purchased $2.6 billion worth of these communities through portfolio acquisitions.
• YES! Communities, owned by institutional investors including the Government of Singapore Investment Company (GIC) and the Pennsylvania Public School Employees Retirement System (PSERS), has engaged in aggressive eviction practices, filing over 386 actions since March 2020, with 90% occurring during the CDC eviction moratorium.
• The document recommends several policy interventions to protect residents, including the establishment of rent regulations, the enactment of 'good cause' eviction laws, and the creation of pathways for resident or public community ownership.
• PESP urges government-sponsored enterprises (GSEs) like Fannie Mae and Freddie Mac to require purchasers to comply with FHFA pad lease protections and preserve affordability as a condition for financing.

APA

Chang, M. (2021). Statement for the Record October 21, 2021 Hearing of the Senate Committee on Banking, Housing, and Urban Affairs How Private Equity Landlords are Changing the Housing Market. Private Equity Stakeholder Project. https://pestakeholder.org/wp-content/uploads/2021/10/Senate-Banking-Committee-October-21-Hearing-on-Private-Equity-and-Housing-PESP-Testimony.pdf

Chicago

Chang, Mellissa. Statement for the Record October 21, 2021 Hearing of the Senate Committee on Banking, Housing, and Urban Affairs How Private Equity Landlords are Changing the Housing Market. Private Equity Stakeholder Project, 2021. https://pestakeholder.org/wp-content/uploads/2021/10/Senate-Banking-Committee-October-21-Hearing-on-Private-Equity-and-Housing-PESP-Testimony.pdf.

Wikipedia

{{cite press release |last1=Chang |first1=Mellissa |title=Statement for the Record October 21, 2021 Hearing of the Senate Committee on Banking, Housing, and Urban Affairs How Private Equity Landlords are Changing the Housing Market |publisher=Private Equity Stakeholder Project |date=21 October 2021 |url=https://pestakeholder.org/wp-content/uploads/2021/10/Senate-Banking-Committee-October-21-Hearing-on-Private-Equity-and-Housing-PESP-Testimony.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{chang2021statement, author = {Chang, Mellissa}, title = {{Statement for the Record October 21, 2021 Hearing of the Senate Committee on Banking, Housing, and Urban Affairs How Private Equity Landlords are Changing the Housing Market}}, publisher = {Private Equity Stakeholder Project}, year = {2021}, month = oct, url = {https://pestakeholder.org/wp-content/uploads/2021/10/Senate-Banking-Committee-October-21-Hearing-on-Private-Equity-and-Housing-PESP-Testimony.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }