When a giant hedge fund is bidding on all the foreclosed houses in a poor neighborhood, living humans don’t stand a chance — but that’s OK, because rapacious investors make great landlords.

Wall Street investors have bought more than 200,000 foreclosed houses in the past two years, bundling together the rents they generate into bonds that are just like subprime mortgage bonds, only without the pretense that the poor people who generate their payments have a hope of ever getting out from under their obligation to enrich the richest people in the world.

Blackstone — owner of Seaworld, Hilton Hotels, and the Weather Channel — is the biggest player here, and when they come into town to buy up all the single-family properties, they price actual families out of the market. Their securitized rent…