Residences owned by corporations funnel wealth away from the community into the hands of the corporation. Renters also tend not to establish as deep community roots as there's no investment in the house or the neighborhood and they may move.

While on the surface that isn't "bad", when this happens in lower income neighborhoods it siphons what little wealth that is there away.

Additionally, as there's no investment in the house (call up the landlord and have them fix it up... in a while), it also means that the properties in the area tend to decrease in quality and make the homes that are owned occupied less valuable over time... and the community there less cohesive.

All these things together make it harder for people (frequently minorities) living in those areas to improve their lives and that of their children (can't leave a house you rent to your children or grandchildren to help them get a firmer financial footing as they reach adulthood).