The net worth of homeowners is more than 40 times greater than the net worth of renters.
The Renter Wealth Creation Fund is designed help close the gap by allowing tenants to accrue equity as they pay rent, entitling them to payouts if a given apartment building is sold.
Investments of $250,000 million will be used to purchase properties with up to 7,000 apartments and offer cash-back incentives for paying rent on time.
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