Stp continued purchase of residential homes by Private Equity Firms

I am writing to express my strong opposition to the growing trend of private equity firms acquiring residential properties, particularly manufactured housing communities. This practice has become increasingly harmful to residents, particularly in Michigan, where 131 manufactured home parks (totaling 36,749 lots) are now owned by private equity firms, according to the Private Equity Stakeholder Project (PESP). The corporate acquisition of residential properties often leads to rent hikes, reduced maintenance, and the displacement of vulnerable residents. Private equity ownership prioritizes profit extraction over community stability, placing housing security at risk for thousands of Michigan families. Manufactured housing, long a reliable and affordable housing option, is being exploited for financial gain rather than serving its original purpose of providing secure and stable homes. Frank Rolfe, a prominent figure in the manufactured housing industry, has shockingly compared manufactured home parks to “a Waffle House where everyone is chained to the booths.” This disturbing analogy underscores the exploitative nature of corporate ownership in this sector. Homeowners in these communities often own their homes but rent the land beneath them, making them vulnerable to sudden rent increases and predatory practices with little recourse. I urge you to take action against this harmful trend by supporting legislation that limits private equity ownership of residential properties, strengthens tenant protections, and ensures long-term housing stability for Michigan families. Housing should be a human right, not a vehicle for unchecked financial gain. Thank you for your time and attention to this critical issue. I would appreciate the opportunity to speak with you further and hope you will consider standing with Michigan families against the commodification of their homes.