Updated at 12:55 p.m. ET on June 19, 2021.

The BlackRock saga sounds grotesque. At a time of maximal desperation in the U.S. housing market, giant investment banks, such as BlackRock, are buying up some of the few houses left on the market, boxing families out of the American dream. They’re turning these homes into rental units that they will, in some cases, leave to decay. Such faceless institutional investors are reportedly more likely than ordinary “mom and pop” landlords to aggressively raise rent—and evict people who can’t afford it.

Americans don’t agree about much, but they seem united in believing that this is a despicable state of affairs. In the past few days, institutional housing investors have drawn criticism from Fox News and Republican politicos as well as left-wing commentators.

But this outrage is misdirected. If we have any chance of fixing the completely messed-up, unaffordable U.S. housing market, we…

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