18 hours Ago
As an architectural designer and city planner, I see firsthand how Oklahoma needs more housing. A common topic among my peers, from university researchers to professionals in the field, is the urgent need to escape the state's housing trap. Local builders are working hard to meet demand.
However, an even greater underlying problem is robbing Oklahomans of homeownership: hedge funds monopolizing the housing market. For the past 90 years, these massive corporations have steadily accumulated more real estate, creating artificial scarcity and driving housing costs to unprecedented highs. States failing to regulate this corporate takeover face some of the worst housing supply crises.
Unfortunately, Oklahoma is one of them. At the current rate, nearly half of the housing market will be owned by hedge funds by 2030. Given the significant influence real estate has on our economy, this should alarm every Oklahoman.
Fortunately, we still have time to act — but only if we implement state-level policies. People are also reading..
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Daily, I engage with professionals in design, development and public policy. Recently, I watched the committee hearing for House Bill 1064 , presented by Rep. Mickey Dollens , D-Oklahoma City.
Dollens worked closely with me, urban planners, architects and developers to craft this bill, which aimed to curb hedge fund dominance in the housing market. The final vote was 6-2 along party lines against the bill. Those voting for it were Democratic Reps.
Suzanne Schreiber of Tulsa and Jared Deck of Norman. Republican Reps. voting against it were Ryan Eaves of Atoka, Stan May of Broken Arrow, Ross Ford of Broken Arrow, Mark Lepak of Claremore, Neil Hays of Checotah and Dell Kerbs of Shawnee.
To say that my colleagues and I were disheartened by the vote is an understatement. The blatant lack of understanding of Oklahoma’s housing crisis was evident. One representative suggested that declining homeownership was simply because people "don’t want to (be homeowners).
" My jaw hit the floor. This baseless claim, unsupported by data, ignores the reality that corporate consolidation has made property ownership unattainable for many. A far more accurate — and well-documented — statement is that America sold out to massive corporations, creating a housing affordability crisis.
These hedge funds have driven prices to levels the average Oklahoman cannot afford. This is not just a national issue; it is an especially acute problem in our state, where lax regulations have allowed this corporate stranglehold to flourish. While I appreciate Oklahoma’s minimal regulatory approach, this is a case where the state must take decisive action to protect its citizens.
The first step is ensuring that our representatives are well-informed on this issue. In my OU classes, I emphasize thoughtful site design, incremental development and the need to fill the middle housing gap. These topics circle back to creating equitable places for Oklahomans to live, work and play.
However, nearly every urbanist issue discussed ultimately ties back to the housing market’s fragile balance. We cannot create vibrant, thriving communities if people cannot afford the most basic necessity — shelter. If housing is unaffordable, walkable neighborhoods, economic revitalization and public infrastructure improvements become meaningless.
When rent and mortgage payments consume an overwhelming share of a household’s income, everything else suffers. That is why it is baffling that six people in a committee, tasked with making policy decisions, lacked basic knowledge of the housing market. This is not just about morality or ethics — although ensuring homeownership opportunities should be a moral imperative — it is about economic sustainability.
Hedge fund domination of the housing market has had devastating financial consequences. Yet, some legislators seemed unfamiliar with fundamental housing concepts like detached single-family homes and housing stock portfolios. If our lawmakers do not understand these terms, how can they be expected to legislate effectively on housing policy? Though HB 1064 did not pass this session, I urge lawmakers to revisit this issue.
I welcome the opportunity to educate legislators about the housing trap and how we arrived at this crisis. Last fall, I participated in an interim study where I explained the difference between "affordable housing" and "housing affordability." I would gladly present this information again.
If an in-person presentation is not feasible, I would be happy to share educational videos from reputable urbanist organizations like Strong Towns , led by Chuck Marohn. Whatever it takes to move the needle in the right direction, I am here to help — as an educator, urbanist and designer committed to Oklahoma’s future. Oklahoma has the opportunity to get ahead of this crisis, but we must act now.
The longer we wait, the deeper hedge funds will entrench themselves in our housing market and the harder it will be to undo the damage. If we want to preserve the American Dream of homeownership for future generations, we need policies that put Oklahoma families — not corporate landlords — first..
