3: The Impact of the Financialization of Housing on Tenants

In the last chapter, we documented the first stages in the financialization of human shelter that involve the acquisition, accumulation, ownership, and management of single-family (SF) and multifamily (MF) rental properties by corporate landlords (CLs). In this chapter, we move to focus on the human consequences of rental financialization for the tenant class. The opening quote by Rosenthal serves to remind us that the crisis is not felt by physical property but by those who lack access to shelter and are subjected to the landlord tenant relationship organized around the extraction and maximization of rent and profit.

We will begin by providing some conceptual tools to analyze and appreciate the generally negative consequences of expanded financialization. This will be followed by an exploration of the various ways it plays out for tenants and what we can say about the experience based on the quantitative and qualitative data collected in Jacksonville. In this chapter, we believe it is important not just to highlight the conditions facing tenants in Jacksonville but also, where possible, identify the corporate owners of the properties that expose tenants to these problems. We would encourage other researchers to do the same – name names and make the information public. In our research, this has been most feasible for the MF properties for which we are able to obtain the most accurate data for the rental property owners.