Progress Residential has Extracted Over $40 million from North Minneapolis

Progress Residential, the controversial private equity landlord and largest single family rental company in the U.S., has extracted over $40 million in wealth from the North Minneapolis community, according to a new report by the Private Equity Stakeholder Project (PESP) and Inquilinxs Unidxs Por Justicia/United Renters for Justice.

North Minneapolis, a largely working-class Black community, has suffered decades of often intentional neglect by the city, including redlining, racial covenants, and industrial pollution. In an area where national investors have increased the largest Black-White homeownership gap since before the Civil Rights Era, money that could have gone into housing stability and community control is leaving North Minneapolis.

According to the report:

●  Properties purchased by Progress and Front Yard Residential in North Minneapolis have, on average, more than doubled in value, meaning that Progress and Front Yard Residential have extracted an estimated total of $24.9 million in North Minneapolis.

●  Instead of homeowners making mortgage payments that build equity and provide stability for themselves and their families, tenants of Progress Residential and Front Yard Residential have been making rent payments. Through collection of monthly rents, Progress and its subsidiary Front Yard Residential have extracted an estimated total of $16.7 million in North Minneapolis.

Progress Residential tenants in North Minneapolis have been organizing for several years through tenant meetings, 311 calls, home inspections, meetings with Regulatory Services, press conferences and actions, placing their rent into escrow, submitting repair requests, and speaking in front of major investors like the Minnesota State Board of Investment. Following these organizing efforts, they won a one-year rent freeze, no evictions, renovated homes, monetary compensation, and a list of agreements passed by the Minneapolis City Council.

Shanika Henderson said in a recent segment produced by NBC Nightly News with Lester Holt, "I want to put power into these families to let them know: Stand up, speak out for yourself.”