Can’t Afford A Home in Burlington? Blame Landlords, Realtors, and Homeowners

(You can access a full-screen map here.)

Burlington is an expensive place to live. With a limited supply of single and two family homes, whether they be condos, mobile homes, or standalone single-family housing, it’s tough for Burlington’s low-income renters to afford stable housing. In fact, 25% of all homes in the city are rented out as investment properties. Blame this on landlords, realtors, and homeowners.

With over 2100 units of housing (13% of all housing in the city) and 6700 beds (17% of all beds in the city) being rented out by investors, rented on Airbnb, or owned as a second home, there are few if any affordable homes left for people to buy. Without housing protections and limits, without zoning changes in wealthy low-residential areas, without a real public investment in long-term low-income housing, too many of these homes are easily converted into investment properties, selling for prices that are out of reach for most families and middle-income workers. This benefits some folks, mainly realtors, homeowners, and landlords, while the majority of us suffer with few options.

It’s interesting to see where and how much of different types of housing have been turned into rentals. Single family homes are rented throughout the city, but are most clustered around UVM, legally allowed through grandfather clauses, rented out to college students often in unofficial frats and sororities. Most two family homes, historically a way for poorer families to afford housing, are rented out in the Old North End. Condos tend to be spread out around city edges, not as much dispersed in communities but built in stark, repetitive and ugly, giant condo developments that are removed from actual neighborhoods. Expect ‘Cambrian Rise’ to offer much of the same.

The toughest part about staying in Burlington as a low-income renter and community mental health worker is that most new developments are rentals, and even new condos will be expensive, in ugly condo complexes, and many will likely be bought as investment properties, making it harder and harder for low and moderate-income residents to exist, never mind thrive, in Burlington.

Who are Burlington’s Largest Landlords?

After a year of research I’m proud to share my research around housing in Burlington. This map shows which landlords own at least 100 beds and how much they own. If you want to look at a full screen map, click here.

In a town where 60% of residents own $0 housing wealth, the wealth gap continues to grow, leaving a few hundred wealthy landlords with immense wealth, while the vast majority of residents have little or no wealth at all. In total, property owned by these 27 landlords, just in Burlington, is conservatively valued at $1.23 billion dollars. Yes, you read that right. They own over HALF of all housing units in the city and over 40% of all beds, totaling 16,600 beds and 8,600 total units of housing.

Even if we look just at large for-profit and non-profit landlords, (we can talk about the immense influence UVM and Champlain College exert over our rental costs another day) the wealth these private individuals and organizations own, and number of housing units they control, means a handful of folks exert enormous influence over most of our lives.

The true ‘market’ value is likely upwards of $300 million, but the data is harder to parse as non-profits aren’t always assessed like for-profit buildings.

The 23 largest private, for-profit landlords own nearly $400 million in property, with a median personal wealth of $11 million. They own over 3,101 units and 6,056 bedrooms, or 19% of all units and 15% of all bedrooms in the city.

How do we, as tenants, gain control when a handful of individuals have such influence over our lives? By working together, through solidarity, and forming a tenants’ union. While we may not have much wealth we do have numbers – in fact if all renters voted, we would be easily able to vote for rent control, better enforcement, swifter and harsher penalties when landlords fail to act, public lawyers to represent us, and other rent and tenant protections.