In my neighborhood (east of Seattle, just south of Microsoft) private equity firms started buying houses in our neighborhood (late 50s neighborhood with tons of

In my neighborhood (east of Seattle, just south of Microsoft) private equity firms started buying houses in our neighborhood (late 50s neighborhood with tons of parks and trails w access to city and highway) after the housing crisis and keeping them as rentals. Starting around 2019 developers started coming in, making all cash offers to the remaining owners, and building 3000+ sqft, multimillion dollar homes. They kept buying up until the big interest rate hikes. Now we have a mix of renters, owners of old homes who are holding on, McMansion owners, and empty houses owned by developers who are waiting for conditions to improve to tear down and replace with a McMansion. Hard to feel optimistic for my kids.