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Their national doesn't own one and there's a shortage of Greek housing on campus. When fraternities or sororities leave campus, they usually don't sell their house. Nationals holds onto it and rents it to another organization until they're ready to move back in. Because of this, there's little opportunity to buy a house if you don't already own one. Phi Psi used to rent TDX's house. This is a common thing. (Pike rents their house from Sigma Nu, who is currently off campus. Sigma Pi had ATO's house for a while.) Unfortunately, there aren't any good vacant houses at the moment, so Phi Psi is stuck renting crappy, smaller houses instead.
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