According to a study, out-of-town investor home buys have tripled.
Butler told News 5 the new homeowners told her she and her disabled sister could continue to pay rent and stay on a month-to-month lease, but then days later she was told she had 30-days to vacate.
Butler said she filed reports with Euclid and South Euclid police, but said it's difficult to track down the California company that now owns her former rental home, due to the complex transfer of the house through multiple out-of-town LLCs. “I think if we don’t take this seriously, we’re going to have a problem in a few years," Ford said."We’re going to find ourselves with really destabilized neighborhoods, less homeownership."
Zach Germaniuk, VAPAC Co-Chairman and Director of Neighborhood Stabilization with Slavic Village Development told News 5 Slavic Village is also being plagued by out-of-town investors who aren't following proper guidelines. “We have a rental registration protocol; we need to be very careful in enforcing that and collecting enough information on that it so it gives us some teeth to go after the people who are really responsible," Martin said. “We need to simplify the rent in the escrow process, we need to work with Cleveland Housing Court on that.”
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