FISHERS, Ind. (WISH) — Fishers Mayor Scott Fadness says he’s doing everything he can to put a halt to a growing phenomenon: out-of-state investors taking over the housing market and spiking rent.
The issue is raising concerns for some homeowners’ associations in the Hamilton County city.
“There’s precedent for HOAs, restricting the number of rentals in their community and things of that nature. At the city ordinance level or at the state level, you have to take a much broader perspective on how to regulate rentals,” Fadness said.
The Republican mayor says while he is speaking with legislators, getting things done on a state level may take a while. He believes speaking to homeowners’ associations is a faster way to put homes back in the hands of families.
“They’re getting beat out by these folks who are making cash offers, no inspections, (and) that’s difficult to compete with,” Fadness said.
Earlier this year, I-Team 8 sounded the alarm to the issue. Now, many, including the city of Fishers, are trying to find solutions. A housing study done earlier this year by the city showed just five out-of-state companies owned a combined 159 single-family units. Investors own nearly 1,000 homes in Fishers.
The mayor said, “33% of all homes purchased in January of this year in our country were purchased by investors.”
Fadness will host a virtual town hall meeting starting at 8 p.m. Thursday to discuss the issue with homeowners’ association members and anyone interested. Two attorneys will guide families on sustaining home values, getting access to home purchasing, and understanding the community impacts of out-of-state investors, among other items.