>It’s hard to tell if these homes have been built yet or not. (I assume “not”). Could be a very good assumption. Or maybe it's supposed to be hard to tell. I

>It’s hard to tell if these homes have been built yet or not. (I assume “not”). Could be a very good assumption. Or maybe it's supposed to be hard to tell. I can almost imagine a well-connected Atlanta real estate operator with something like $100 million in loans, building 250 units at one time in the hottest subdivisions, where the units are not quite completely built and there may now be pressure due to rising interest rates. The market might not be quite so hot now. The properties can not stand to be unloaded slower or for lower sales prices than it was expected when they were originally financed. So faster it is, with major restructuring and even more leverage. It could even be called a bailout, and the big capital groups will be able to structure the rental cash flow as an operating loss while it actually pays its own way the whole time. Leaving the underlying real estate appreciation to be realized in a more tax-advantaged situation after it becomes possible in the future, at which point the actual cash outlay for the asset itself would be quite nebulous. The money brokers are all-in with the $415 million, they'll be owning homes that are now too far out-of-reach for retail buyers to make them fly off the shelf as fast, and the builders can keep making money building more of them anyway. Other builders in the same subdivisions, who are not being bailed out, will benefit too since there will be less downward pressure on sales prices overall. So everybody wins except the renters who are paying for it all, but at least they can count on their payments starting out within reach, with gradual rate increases providing a competitive return for the investors, considering the future prevailing interest rates and inflation as a guideline. No ordinary mortgages will ever apply to these properties, not even at the beginning. If the renters' income fails to increase at the rate their rent payment increases over the long run, the landlord will get replacement renters as always. Why do you think there are so many more homeless? A business model could be built on young families who had worked for years to be able to own a home in a target neighborhood by about the end of 2022 or so. Or maybe before the start of the school year in 2023. As this date approached, things escalated rapidly and ownership jumped beyond the reach of their monthly income. If they can be persuaded to enjoy the same homes as renters instead that can be arranged no problem. Now once it doesn't make any difference if the homes are already built or not, the only homes that will be built will be the ones where the outcome is not much different than simply buying up many of the already-built homes and turning them into rentals. Without building anything new unless it reaches an ever-higher bar of consumer disadvantage. Or something like that. When a vulture swoops in it's a pretty good sign there's something more rotten than you thought.