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90 90 INVESTMENT GOVERNMENT PROPERTY PRESERVATION Journal HUD EXAMINES INSTITUTIONAL INVESTOR IMPACT ON HOUSING MARKET e U.S. Department of Housing & Urban Development (HUD) Office of Policy Devel- opment & Research (PD&R) recently held its quarterly meeting to discuss the issues around institutional investors and their impact on hous- ing markets nationwide. e virtual event "Institutional Investors in Housing," featured a panel of experts sharing research and data, highlighting what commu- nities have done to preserve affordable housing nationwide. "Institutional investors have access to resources that make them impossible to compete with. is is especially true for minority first- time homebuyers, who already face institutional barriers," HUD Secretary Marcia L. Fudge said. "HUD has taken steps to ensure that our de- faulted assets will land in the hands of nonprofits or individual owners, but this is a much bigger problem that will take everyone coming together to figure out how to sustain housing that people can afford." Since the start of the pandemic, the housing market has witnessed an increase in activity by large investors who often oversee more than 1,000 properties in their portfolios. According to HUD, this activity has produced a strain on the already limited prospects of first-time homebuyers and has deepened the gaps in racial wealth and homeownership. "is PD&R Quarterly will profile the impact of institutional investors in the housing market and provide examples of how various lev- els of governments, along with nonprofits, can drive housing supply to owner-occupants and mission-driven entities," said Solomon Greene, PD&R's Principal Deputy Assistant Secretary. Speakers on hand for the event sharing their insight included: » Sarah Brundage, Senior Advisor for Housing Supply and Infrastructure in the Office of the Secretary at HUD » Laura Brunner, President and CEO of e Port » Laurie Goodman, Institute Fellow and Founder of the Housing Finance Policy Center at the Urban Institute » Bruce Katz, Co-Founder and Inaugural Director of the Nowak Metro Finance Lab » Mayor Bianca Motley Broom, City of College Park, Georgia » Elora Lee Raymond, Urban Planner and Assistant Professor in the School of City and Regional College of Design at Georgia Tech » Esther Sullivan, Associate Professor of Sociology at the University of Colorado Denver » Elin Zurbrigg, Deputy Director, Mi Casa Inc. Brundage previously served as General Deputy Assistant Secretary for the Office of Congressional and Intergovernmental Relations at HUD. Before joining HUD, Sarah was the Senior Policy Director at Enterprise Commu- nity Partners, leading the national organiza- tion's tax and fair housing policy and advocacy.