“October was really cold in 2022 and the [leasing consultant] basically told me, ‘Well, you only have a few more months of this, just, hang in there.’ This is illegal. I'm not a fool," Celeste said.“We want to live in peace and we want to be able to have, you know, a manager that we can rely on when something goes wrong. As of right now, we don't have that," Vivana said.
What these women have in common is they both rent from the Blackstone Group — one of the largest private equity companies in the world.Blackstone Comes to Collect: How America’s Largest Landlord and Wall Street’s Highest Paid CEO are Jacking Up Rents and Ramping Up EvictionsThe report highlights San Diego County, where Blackstone purchased thousands of affordable housing units in 2021. As renters moved out, the company raised rents in some units between 43-64% in two years.
Of course they did.
Between this corporate grab and the illegal immigrants....san diego families are paying almost double what rent should be.
“Inflation” my ass. This is profiteering, pure & simple. Time to start expropriating housing for those who need it, and tying landlords to tree limbs with very, very specific knots.
Let me leave this here about the lovely Invitation Homes with a 1.5 star rating as worst corporate landlord.
Pure evil
really disgusting that people who don't need housing to fulfill a life need just get ownership of by paying whatever 6-figure or 7-figure price they need and turns it into further revenue generating device instead of bettering humanity as whole. now i know why ppl are leaving ca.
kodesgoat totorahimm MBuldos No argent sur le dos des plus pauvres ❌🙅 Tant que les richesses créés vont participer au progrès de la société et créer de l'emploi RAS, mais je préfère demander ...
Dear congress....
San Diego of all places needs a Non-Residency Property Tax. First property you own pays normal property tax. Second pays double property tax. All additional pay four times assessed property taxes. Do this or change the name to the Feudal State of California.
VryKranky
Don’t even get me started on Multi-Billionaire Corrupt As Hell Landlords! I was the victim of such a nefarious demon (NYC). Not only Blackstone. Others too!They’re in cahoots with Judges in Housing Courts. Payoffs! Big lobbyists in DC.$$ etc. Of course me it’s not being reported!
There is a lot of context missing in the story cause how did they come to purchase the units as the renters moved out which indicates they were not up for sale so did Blackstone acquire them from the individual or the property manager or did they acquire the property management
And they will never afford San Diego, they can't cope with what takes to live here. We are already paying for vacant housing in many military bases.
Building more housing solves most of this issue. Government should step in if that is impossible.
Should be illegal
This form of capitalism is disgusting & shouldn't be allowed.. Just like that epi pen fiasco this is actually hurting the general public🤬
How much did ToddGloria & GomezForAD80 make in kick backs?
They'll keep on getting away with this shit so long as we keep fighting each other. On some psy-op shit
I wish the worst to all the people at corporations like this, deciding their personal wealth is more important than others livelihoods
i feel like someone should regulate the market so that's not allowed?
This should be against the law.
XinjiangAUR Gun
JordanChariton did this happen in the 70s when Boomers were buying houses for about 3 years of the average salary? Or do I just need to pull my bootstraps harder to compete with the ruling class gobbling up all the housing?
Money was a mistake.
Should be illegal.
Blackstone would go into towns and create a basic monopoly, buying up every house for sale
Just said this, somebody in DC better step in soon.
blackstone mofos
I believe it. The vulture capitalists are now sucking the cash out of what’s left of the lower middle and poor.
and obama’s $30M home was bought with all those homes lost in 2008/9 so blackstone could own
You wonder why there no affordable housing because the people who are buying them are raising the rent
[Redact] them
They hypocrisy of American democracy
RE: 'As homelessness surges across San Diego County, pressure on affordable housing increases.' Only a tiny portion of homelessness is because of housing costs. The guy crapping in the Albertsons trash can and screaming at the clouds won't stop for a $200 room.
Secure a future for working people Liquidate the landlord class
I'm so glad we have wonderful companies like Blackstone fixing terrible problems like housing being affordable. I mean who wants that? Won't someone please think of the landlords and rich people? /heavy sarcasm
Blackstone is a public company. You can, and should, read their public statements where they say at point blank that they are only able to do this because supply is restricted. If more housing was allowed with more permitting, looser zoning, etc., they would lose money
Yeah, that tracks for San Diego.
deray find them, eat them. why do we keep letting these 'companies' made up purely of people someone knows do this. it's just people doing this.
For just a small price of $9 you can clean and strengthen them drain pipes Your land lord will be pleased
The American political system was sold a long time ago. America is a corporation at this point. Both parties are guilty. We are all disposable to them.
Hmm
ssresident when I tell you that just building more housing doesn't solve the issue. There needs to be a limit on the of homes/apatlrtnents a person or company can own
It seems shady that private equity can do this with no consequence.
Mao was right.
If only the News Media were on the side of the working people instead of kissing ups to BlackRock Billionaires.
disturbing
Queue the Supply Guys™️ screeching about how we just need to build more luxury condos to avoid this.
Ah capitalism™️!
They are asking for a revolt / revolution the system is rigged
But inflation can only be contextualized through wages and gov spending, not corporate greed
ToddGloria - You still plan on doing nothing? Ban short-term rentals that are not primary residences, and ban corporations from owning single family homes.
Some people need to burn in hell, forever. To hell with Blackstone.
is this allowed? Yimby_Law
When do Americans switch from repeatedly stating the obvious on Twitter to taking to the streets, French style?
That should be illegal and everyone involved at blackstone should be [redacted]
Capitalism, folks. 💀
capitalism working as intended.
Does someone have the address of the CEO of Blackstone? Asking for a friend.
Uncivilized backwater.
zhang_yueting I read this as CCP 🇨🇳 using the Blackstone 🇨🇳 Group to cause social suffering leading to dissent in US society. Cause inflation on the way to destroy the USD
Corporations should not be able to buy housing.
This should be illegal
So, uhhh Gavin, what’re you doing about this besides fighting with Ron DeSantis while this crap happens in your backyard? GavinNewsom
Renting laws needed to be tightened up 20 years ago
This is why we never trust anyone who says they are buildings 'affordable housing'
Bring back the guillotine
“We believe we have the most favorable resident policies among any large landlord in the U.S., including not making a single non-payment eviction for over two years during COVID.”
This is pretty fucked up
Same thing is happening in Huntsville, Alabama.
Doesn’t Vanguard own hella stock in basically all the railway companies too?
Of course they did
You all know what to do
thuxurygoods This is why housing should not be an investment
Why was this allowed to happen?
deray When is enough enough
Expropriate & decommodify
StrikeDebt Blackstone and these people like to call themselves “home providers”. More like f’n clowns.
StrikeDebt Blackstone ruined San Diego and many other cities.
ToddGloria GavinNewsom It's criminal that you continue to allow this to happen. Private equity firms, investment companies, Airbnb— all of these should be BANNED from buying up our neighborhoods and continuing to push families into the streets.
More stuff that should be made illegal.
Pitchfork and torch time!
Workers know that true affordable housing is needed. UofCalifornia investment into blackstone is a bad choice straight up
This will happen in University City if ToddGloria and CMKentLee are successful in rezoning single family residences into 4 and up to 10 units on what is a single unit lot today and no reqmt for off street parking.
Remember when this happened and both sides made noises that these would remain affordable? How Conrad Prebys was a giving man who wanted to provide affordable homes in the city he loved...
UCSDHealth UCSanDiego UofCalifornia care to explain why y’all invested $4.5 billion into displacing low income communities?
This is disgusting. Those wealthy firms squeeze the living quality of average people living in SD.
Building more housing without addressing investors buying them all up completely defeats the purpose
ToniDems’ favorite investment group - no?
This wasn't a secret and we knew what was gonna happen afterwards
Just a reminder that Blackstone is also controlled by the same two companies (Vanguard and Blackrock) that control practically everything else in this country including all of the media and politicians.
Dumb local governments put in tons of anti-landlord regulations so the local mom & pop landlords throw up their arms and sell. Big groups with big pockets like Blackstone step in. Be careful what you wish for folks.
Landlords gonna landlord. As long as the law and the industry allow it.
Blackstone Group is doing this all over the world. Some countries, like Portugal, are fighting back. San Diego should follow their lead.
AdamOfTheSmiths What up YIMBYs
MURICAN CAPITALISM! FREE MARKET! Our country is so fucked
They look about as greedy as this management/rental company grey***r that someone I know used to rent from!
How is that allowed?
Everyone about to be in servitude debt over a rented home, these type of companies love owning people one way or another 🥴
Blackstone is partners with World Economic Forum, families of the Federal Reserve and Biden Administration. This is all planned and thought out- there is a bigger play here. Local govs get to usher in more regulation and control, strip away private owner and property rights.
helencaddes Been doing it for a while now
Yea no shit. This needs to be made illegal GavinNewsom ToddGloria
Blackstone Group employs residential real estate investment strategies through a dedicated division, managing assets like single-family homes and multifamily apartment buildings.
ALAB and also ACAB.
As they should.. who makes investments to lose money? 🤦🏼♂️
Make it illegal and seize Blackstone assets
Oli , buy the stock , then you can be an owner also.
Private equity investments... want every middle class to low class to end up homeless they could care less. They want to build fancier hotels, restaurants, townhomes ,condos etc Al over 2K and it costs billions.
It's called the free market if you don't like it vote for God Todd!
Living the dream.
Why in the world are private equity firms allowed to buy affordable housing units