Blackstone raised rent prices at double the market rate — up 79% at one building — in San Diego, report says
A report published Aug. 1 has accused corporate landlord Blackstone of being a major contributor to the San Diego rental crisis.
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The report, compiled by the Private Equity Stakeholder Project, a private equity watchdog, and the Alliance of Californians for Community Empowerment, a community advocacy group, is titled “Helter Shelter: How Blackstone Contributes to and Profits from California’s Broken Housing System.” It aims to show how it’s possible the investment management company imposed huge rent increases — at nearly double the rate of the market average — across a set of rental properties over three years.
Here are some key takeaways from the report, plus what you can do as a tenant in the face of massive rent hikes.
finance.yahoo.com/news/blackstone-raised-rent-prices-double-115500983.html
h/t general mishka