I'd been of the impression that corporate home ownership is mostly surging in places like the South and Sun Belt, where housing prices themselves are surging. Housing prices in California have been pretty stagnant since Covid, at least compared to much of the rest of the country. California real estate isn't actually a great investment for these companies right now.
Right. Price to rent ratios in California means that when you buy the only thing you get is a bet on real estate. New landlords are cash flow negative by wide margins.
Wild speculation with no fundamentals isn't attractive to big firms.
