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Mobile home rents spike as wealthy investors buy trailer parks
Business

Mobile home rents spike as wealthy investors buy trailer parks

For as long as anyone can remember, rent increases rarely happened at Ridgeview Homes, a family-owned mobile home park in upstate New York. That changed in 2018 when corporate owners took over the 65-year-old park located amid farmland and down the road from a fast-food joint and grocery store about 30 miles northeast of Buffalo. Residents, about half of whom are seniors or disabled people on fixed incomes, put up with the first two increases. They hoped the latest owner, Cook Properties, would address the bourbon-colored drinking water, sewage bubbling into their bathtubs and the pothole-filled roads. When that didn't happen and a new lease with a 6% increase was imposed this year, they formed an association. About half the residents launche...