The Great Corporate Buy-Up: Because of Corporations, Our Cities Are Not Our Own
Think you can tell the difference between a city and a business park? It may not be so clear. A corporate buying boom since the financial crash is gobbling up city property and leaving us with places that are literally not our town.
Purchasing took off after 2008, when foreclosure rates were high, bank loans were drying up, and record levels of commercial properties were standing vacant. Last year, major acquisitions by corporations topped a $1 trillion in 100 large cities and by major we do mean major - in New York, that's only counting property-buys of worth $5m or more.