Having historically been avoided by institutional financial investors, U.S. single-family housing—that is, free-standing residential property—received large investment inflows after the global financial crisis of 2007-2009 to rapidly become a substantial asset class. Why? And why then? The materialization of an unprecedented investment opportunity—large stocks of cheap, favorably located urban housing—was certainly pivotal. But the attractiveness of that opportunity was enhanced by a series of parallel and (for investors) propitious historical shifts in four key realms: technology, finance, housing supply, and ideas. In short, the investment transformation that occurred was “overdetermined.” The article develops this argument with a focus on investment by the firm that led the way: the Blackstone Group.

美国的独栋住宅（即独立式住宅物业）历来被机构金融投资者所回避，但在 2007-2009 年全球金融危机后获得大量投资流入，迅速成为一个重要的资产类别。为什么？为什么呢？实现前所未有的投资机会——大量廉价、位置优越的城市住房——无疑是关键。但是，四个关键领域（技术、金融、住房供应和创意）的一系列平行且（对投资者而言）有利的历史转变增强了该机会的吸引力。简而言之，发生的投资转型是“过度决定的”。这篇文章以领先公司的投资为重点阐述了这一论点：黑石集团。