Affordable housing

Investors are snapping up houses at a record pace

The housing market slump continues, and one little-discussed driver has been the increasing share of housing owned by investors who are looking for financial gains rather than a place to live.

The big picture: The supply of starter homes is already historically low and with prices continuing to rise and young potential buyers more indebted than ever, there's little sign that the struggles in the housing market will correct in the near-term, analysts say, even with low mortgage rates.

Kanye West's plan to solve the affordable housing problem

West performs at his Sunday Service at this year's Coachella. Photo: Rich Fury/Getty Images for Coachella

Kanye West has become the latest mogul to embark on a world-saving venture, building 50-foot-high wooden domes in California for a secret housing project that the rapper "believes will break the barriers that separate classes," according to a TMZ report.

Why it matters: The uber-rich are increasingly using their wealth — Kanye is worth $240 million, per Forbes — to personally design projects that they believe will fundamentally alter the way humans will live in the future.