Blackstone’s Big Bet on Rental Homes
The Blackstone Group LP, the world’s largest private equity firm, became the largest owner of rental homes in the U.S. , acquiring 41,000 homes in the past two years. In October, Blackstone offered the first-ever “rental-home-backed” security on Wall Street. The bond is backed by just a fraction — 3,207 — of the rental properties owned by Blackstone. Monthly rent checks from the properties will be used to service the $479.1 million security.
Someday, somewhere on the East Coast, a hurricane will hit their rentals and wipe out their investment. Maybe that’s what it will take for these corporations to quit “bundling” and leave us alone. Unfortunately, the rest of us would also suffer from the same natural calamity.
Time for the American people to foreclose on & divorce wall street. Until the America people do that, their crimes will keep getting worse & worse.
how sad for America.
When individuals were buying each others homes next to them for half price out of foreclosure and renting them to each other it was consideed a bad thing.
When a big corporation does the same thing it is applauded.
41,000 in two years tells anyone with any sense that this is a preplanned business decision.
Now, maybe when individuals do the same thing to help each other lower payments and equalize equity it will be equally applauded instead of knocked as taking advantage of the market in an unfair way.
What’s good t for the goose is good for the gander!