AP News: UNITE HERE Local 11: Proposed $3.5 Billion Deal by Landlord and Hotel Owner Blackstone Group Could Worsen Housing Crisis

LOS ANGELES, CA - Blackstone’s planned acquisition of the single-family rental company Tricon Residential will further exacerbate the housing affordability crisis and harm tenants and workers, according to UNITE HERE Local 11, AFSCME Local 3299, the Alliance of Californians for Community Empowerment (ACCE) and the Private Equity Stakeholder Project (PESP).

As Blackstone seeks to grow as a landlord, workers at its hotel properties struggle to afford rent. Workers at the Blackstone-owned Fairfield LAX/El Segundo, Aloft LAX/El Segundo and Sheraton Phoenix went on strike last year and continue to fight for a contract that will provide living wages, affordable benefits, and adequate staffing. While 29 hotels have settled agreements that will enable workers to survive in Southern California, Blackstone’s hotels have failed to do so.

The $1 trillion private equity giant Blackstone—which is already the largest landlord in the U.S. —announced on January 19 that it planned to get even bigger by acquiring Tricon, which owns and operates 38,000 single family rental properties in the U.S, including properties in California and Arizona.

To read the full story click here.