Thread by @jptheberge

1️⃣ And just like that, @blackstone becomes one of largest landlords in San Diego. 6700 market rate apts. @leilanifarha & @Aaron_Glantz warned us about this. Business model is increasing rents, evicting poor tenants. Not your mom and pop landlord. THREAD
sandiegouniontribune.com/business/story…

2️⃣ Study by the @AtlantaFed showed that institutional landlords are much more likely to evict and spatially concentrated in predominantly Black areas. 2/ atlantafed.org/-/media/docume…

3️⃣ UN accused Blackstone and other speculators of contributing to the housing crisis.
theguardian.com/us-news/2019/m…

4️⃣ The UN report on how institutional landlords are buying up “undervalued” units *globally* and driving up rents by as much as 50% in cities like Barcelona, Lisbon, London and in many US cities.
ohchr.org/EN/NewsEvents/…

5️⃣ The model focuses on buying more affordable, older units, doing a cosmetic remodel and then either increasing rents or selling at a profit. The “flipper model.” Will Blackstone do that here in San Diego? It remains to be seen. invitationtenants.com/blackstone-pro…

6️⃣ Report by @CalOrganize & @RealBankReform :
➡️ crowd out mom & pop landlords / buyers homeownership⬇️
➡️ stockholders demand increased rents and profits from units
➡️ large rent increases, fee gouging, speedy evictions
➡️ impact POCs disproportionately.
d3n8a8pro7vhmx.cloudfront.net/acceinstitute/…

7️⃣ As of 2017, investor landlords owned 200K homes in key cities in the US. The Atlantic confirms similar findings: 1000% increase in tenant chargebacks theatlantic.com/technology/arc…

8️⃣ Seems like this has gotten a lot of attention. If you’re interested in following what is happening with housing, sprawl and the environment in the San Diego area follow @growsandiegoway or sign up for our newsletter here: growthesandiegoway.org