ROCHESTER, N.Y. – Ask anyone trying to buy a home right now and they will tell you it is nearly impossible. The governor blames private equity firms putting down huge cash offers and buying up affordable homes. That’s why Chief Investigative Reporter Berkeley Brean got invited into this home in the South Wedge.

“Alright, take me on a tour. What do we have?” Brean asked.

“Ok, sure. This is a house we acquired in 2023,” said Theo Finn, Greater Rochester Housing Partnership.

Theodora Finn runs the Greater Rochester Housing Partnership. They buy vacant homes, fix them up, and sell them to first-time homeowners at an affordable price. That’s what they did here. But when she spoke to the governor at an event at Highland Park recently, she said they vied for 40 homes and only came away with seven.

“They were gone before we could put our bid in,” Finn said.

Berkeley Brean, News10NBC: “So of the 40 you looked at, you got seven.”

Theo Finn: “Yes.”

Berkeley Brean: “That’s not a good batting average?”

Theo Finn: “I don’t think so. It seems like a lot of time and effort for, we would have liked more for sure.”

Berkeley Brean: “Who are you competing against? These private equity firms? Investors maybe?”

Theo Finn: “Well it’s not entirely clear. We don’t know exactly who. But it does appear that most of the homes were sold to individuals who were not occupying those houses several months later.”

The governor blames private equity investors offering cash for twice the asking price.

“And these greedy conglomerates are gobbling up the housing stock,” said Gov. Kathy Hochul.

The governor’s budget is proposing a 75-day wait period before private equity firms can offer bids on homes.

Berkeley Brean: “Governor, what would that 75 days do?”

Gov. Kathy Hochul: “It gives everybody else 75 days to buy a home because right now they’re in direct competition, day one they’re outbid, sometimes double, triple what the asking price is.”

In December, the Rochester Business Journal reported a Canadian firm bought up 39 homes in Rochester using an LLC in Buffalo — totaling nearly $2 million. Brean found them on the county clerk’s database. The average assessed value of the homes bought is $37,000.

Berkeley Brean: “And the consequence of this is what?”

Theo Finn: “Affordability is a major struggle in our community now as the market has changed. People are getting priced out and so I think creating opportunities where homes can be sold at affordable prices is important. It creates the stability people need in their lives to be successful in their lives.”

Here’s one more example of what first-time homeowners are up against: Finn says one property they went for had a staggering 62 offers. This is a seller’s market. Real estate agent Mark Siwiec from Elysian Homes says, on average, homes in Rochester sell in 13 days. That’s the fastest in the country.

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