The pandemic has created a real estate sales boom. People confined to their houses or apartments and working from home wanted more space, and historic low interest rates helped to drive prices through the roof. But tens of thousands of Americans found themselves on the losing end of a bid because Wall Street firms were buying up the inventory of existing homes and using them as rental properties for their portfolios. Beverly Hills realtor and Estate Director for Compass Real Estate Group Naomi Klein weighs in.
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