SAN DIEGO (FOX 5/KUSI) — As county leaders are looking to crack down on private equity firms buying up properties, a new report released on Thursday is shedding light on one corporate landlord that may have contributed to higher housing costs in San Diego.
The analysis, which was released by tenant advocacy groups Private Equity Stakeholder Project and the Alliance of Californians for Community Empowerment, zooms in on Blackstone Inc., an investment firm who acquired nearly 6,000 local rental units across San Diego County in 2021.
Using real estate data, it found the corporation hiked rent prices of the units it owns in San Diego by an average of 38%, or $600, since its acquisition of the buildings — nearly double the 20% median rent increase for apartments in the county during the same period.
For some Blackstone-owned buildings, including several located in historically low-income areas like San Ysidro and National City, these rent increases neared upwards of 80% over a three-year period, according to the report.