More Perfect Union : How private equity is trapping Florida seniors

A new video from More Perfect Union featuring the expertise of the Private Equity Stakeholder Project highlights the struggles of residents living in private equity-owned manufactured housing communities for seniors in Florida. Private equity firms have increasingly invested in manufactured housing in recent years, taking advantage of a business model that leaves residents uniquely vulnerable to economic exploitation. Residents of manufactured housing often have to pay lot rent for the site of their home, even if they own their home. Once placed on a lot, manufactured homes are difficult and expensive to move, especially if they are older models. Upon taking over manufactured housing communities, private equity landlords have been reported to hike rents by 100% or more and neglect maintenance of community areas and essential infrastructure. MPU’s Dan Lieberman spoke with one resident of a private equity-backed community who was forced to choose between her home and her arthritis medication.

PESP’s Jordan Ash provided insight into how private equity firms get the money to purchase manufactured housing communities, noting that many state pension funds are investors. “There is a real conflict that the public employee pension funds, unfortunately, are not looking at how their investments contribute to that,” he told MPU’s Dan Lieberman.

For more information on private equity buyouts of manufactured housing, check out PESP’s Manufactured Housing Tracker.