Hostility towards private equity’s push into property is misguided
Big investors are filling a gap in the market
“VULTURES OUT” read one of the many placards young protesters waved at a recent rally in Dublin. The cause of their anger was spiralling rents in the Irish capital, pushed higher as the fastest growth in house prices in years has made renting more attractive. The sentiment is spreading. Private-equity firms, insurance companies, pension funds and other institutional investors that have snapped up residential property during the pandemic are becoming the butt of resentment in rich countries. As their share of the residential-property market has grown, so has the backlash. Some blame big landlords for soaring rents. Others accuse them of exploiting crisis for profit.
This article appeared in the Leaders section of the print edition under the headline “Barbarians at the garden gate”
From the November 20th 2021 edition
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