They call with urgency, always with the same pitch: “We can buy your house in cash—today.”
For New Orleanians who’ve owned their homes for generations—often inherited, often held together through storms, job losses, and rising bills—these offers can seem tempting. But behind the friendly tone is a cold economic strategy: buy low from people in crisis, flip high for profit.
And it’s happening all across the city.
A Citywide Pattern of Exploitation
Out-of-state investors are quietly but systematically targeting vulnerable homeowners in New Orleans—especially in historically Black neighborhoods like Central City, Tremé, the Seventh Ward, and New Orleans East. The pattern is familiar: a homeowner receives an unsolicited offer. Sometimes it’s by phone. Sometimes by mail. Often, the offers come during moments of financial stress—after a flood, an insurance hike, a property tax spike.
I know, because I’ve received them myself. Investors routinely reach out with offers well below market value for my properties. They’re banking on me—and thousands of others—not knowing what our homes are really worth. They’re hoping we’re too stressed to push back.
In many cases, these homes are worth two or three times what’s offered. But the people being targeted are on fixed incomes, living paycheck to paycheck, or receiving social assistance. They don’t always have access to legal support, real estate expertise, or the time and energy to resist the pressure.
This isn’t just a real estate trend. It’s a land grab.
Evidence of Displacement: What the Data Shows
According to the Jane Place Neighborhood Sustainability Initiative (JPNSI), entire blocks in neighborhoods like Tremé and the Bywater have been converted into short-term rentals (STRs), pushing out longtime tenants in favor of tourists. Their Short-Term Rentals, Long Term Impacts 2.0 report found that:
- 85% of Airbnb listings in New Orleans are for entire homes, not spare rooms
- 75% of STRs were operating illegally
- A small group of multi-property investors—many out-of-state—control a disproportionate share of listings
This data underscores how speculative property ownership is draining the city’s long-term housing stock and accelerating displacement.
WWL-TV reported in August 2022 that New Orleans is already short at least 50% of the affordable rental units it needs. Meanwhile, local real estate professionals confirm that investors are outbidding regular homebuyers and purchasing multi-family properties with cash—often turning them into short-term or high-rent units almost overnight.
What Other Cities Are Doing About It
Other cities aren’t standing still. They’re fighting back with policy.
- Minneapolis passed a Right of First Refusal Ordinance (2024), allowing tenant groups and nonprofits the first chance to buy a property when a landlord sells, preventing it from going straight to private equity or investor groups.
- Oakland requires house flippers and absentee investors to register and pay fees, slowing speculative turnover and encouraging transparency.
- Philadelphia operates a land bank that gives priority to community developers and nonprofits, rather than selling to the highest bidder.
New Orleans has made small gestures—like funding for legal support on heirs’ property issues—but nothing close to the scale needed to protect homeowners from the onslaught of predatory offers and investor pressure.
What New Orleans Must Do Now
Here’s what a serious, citywide response would look like:
• Create an investor registry
No such system exists in New Orleans. A registry could track who’s buying what, where, and how much. This data could inform zoning, enforcement, and anti-displacement strategies.
• Launch public awareness campaigns
The city should fund neighborhood outreach and direct mailers that educate residents on market value, title security, and how to recognize exploitative offers. These campaigns should be multilingual, accessible, and targeted where investor pressure is highest.
• Expand legal aid for heirs’ property and estate planning
Groups like Louisiana Appleseed already do this work—but the need is overwhelming. The city could fund legal clinics in public libraries, senior centers, and community spaces to ensure families don’t lose their homes to title confusion or probate delays.
• Prioritize and support community land trusts (CLTs)
CLTs like JPNSI and People’s Housing+ are already protecting affordable housing—but with limited resources. The city should transfer blighted or tax-delinquent properties to CLTs and create a dedicated municipal fund to help them scale.
• Improve and expand property tax relief programs
While New Orleans does offer Homestead Exemptions and special assessment freezes for seniors and disabled residents, many eligible households never apply. The city should simplify the process, proactively enroll eligible residents, and explore additional protections—like an insurance rebate or a cultural preservation credit—for long-time homeowners.
If We Don’t Act, We’ll Lose More Than Property
This isn’t just about land. It’s about culture. It’s about stability. It’s about whether the people who made New Orleans what it is can still afford to live here.
We can’t keep letting legacy residents get pushed out by developers looking to turn our homes into short-term profits. We can’t allow entire communities to be erased one cash buyout at a time.
We know who’s calling. We know what they’re doing.
It’s time the city caught up—and fought back.
