Will the Institutional Buyers Targeting Dallas Housing Market Create a New Wave of Homelessness? Some Say It's Already Happening.
Hector Hernandez, 48, stands outside what has been his home for about the last year. Renovations by new management are pricing him and others out.Walk down North Marsalis Avenue and you'll pass by James Bowie Elementary School, smell what’s cooking at Dallas Tortilla and Tamale Factory and see a handful of places just like the Oakridge Apartments. If you asked the tenants there, they’ll tell you the living conditions haven’t been the best or anywhere close to it.
There’s been a kind of devil's bargain: Poor people need a place to live. Some landlords have places people with little money can afford as long as the landlords don’t have to fix them up. "We've been talking today about the single-family rental market, but we also know that institutional investors are buying multifamily rental buildings that are older, often doing a rehab, and then raising the rents on them," Schuetz said."If public entities or nonprofits were to acquire those apartment buildings and put them under longterm affordability, that would increase the affordable stock and do it very quickly.
Eventually, Indio bought the Oakridge apartments and started making changes that would push out residents like 48-year-old Hector Hernandez. “We called the fire department and, sure enough, they shut everything off,” Marshall said. “They wanted to open windows so that the gas would dissipate. You can’t even open the windows. They’ve all been painted so many times and calked so many times. So, he just had to come out here and just let his apartment air out.”
“That just kind of went on deaf ears, and we just never moved forward with that,” she said. The building went under contract in 2021 and eventually sold. Around this time is when Marshall began working with the tenants to try to get management to fix things like the rat infestation, the gas leaks and other “horrific living conditions” they were living in.
“That’s when we were like, ‘If they’re going to pay $650 or $675, they should not have rats. They should not have gas leaks,’” she said. “As soon as we started putting pressure to have those things fixed and eradicated, they were sending them eviction notices.”“We’ve failed them by not helping them out while they were living in horrible conditions, and then we didn’t help them get out of these conditions,” Marshall said. “Now, they’re homeless.
She referenced the city’s new line of incentives for developers to build affordable housing. It includes an option for developers to pay into a fund dedicated to building affordable housing instead of actually building it in their developments.
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