Brookfield acquires YES! Communities as housing law leaves gaps - Private Equity Stakeholder Project PESP
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Private equity giant now owns one of the nation's largest manufactured housing portfolios as new federal housing law leaves manufactured housing residents behind WASHINGTON, D.C. - Brookfield Asset Management has disclosed that it deployed its first investment for its Breva H housing strategy into YES! Communities, one of the nation's largest owners of manufactured housing communities with almost 300 parks and over 80,000 home sites in 23 states. The investment significantly expands Brookfield's presence in one of America's most important sources of affordable housing while raising new questions about protections for manufactured housing residents. Brookfield's acquisition comes at a time when Congress has taken its first major step toward addressing corporate ownership of housing through the Road to Housing Act. While the law restricts corporate ownership of single-family homes, it largely leaves private equity ownership of manufactured housing communities untouched, even as private equity firms own hundreds of thousands of manufactured housing sites across the country. Manufactured housing is one of the country's largest sources of naturally occurring affordable housing. Yet over the past two decades, private equity firms and other large institutional investors have rapidly consolidated the sector. The Private Equity Stakeholder Project and MHAction's Manufactured Housing...
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