SAN DIEGO, CA - Local tenants and activists met at Logan Heights Library with City Council President Sean Elo-Rivera to call for more tenant protections on March 25. The town hall coincided with a report from the Private Equity Stakeholder Project (PESP) and Alliance of Californians for Community Empowerment (ACCE) called “Blackstone comes to collect: How America’s Largest Landlord and Wall Street’s Highest Paid CEO Are Jacking Up Rents and Ramping Up Evictions.”
The Blackstone Group is the largest private equity company in the world, with $975 Billion in assets under management (AUM). Blackstone is by far the nation’s largest landlord, owning and managing over 300,000 units of rental housing in the U.S., and many more around the world. The report shows that Blackstone bought 5,600 units in San Diego County in 2021. As units become vacant, the company raised rents in some units between 43-64% in just two years.
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