(ZeroHedge) Wall Street won’t rest until it become the biggest – and perhaps only – landlord in the US.
At least that’s the impression one gets by observing the behavior of the two Wall Street “black” giants, Blackrock and Blackstone. As a reminder, the WSJ sparked widespread outrage recently when it exposed what most industry insiders had known for a long time, namely that Blackrock (and other institutional investors) have been ravenously gobbling up US real estate. Now it’s Blackstone’s turn.
On Tuesday, the WSJ reported that Blackstone – which already is not only America’s largest landlord but also the world’s largest real estate company with a $325 billion portfolio – has agreed to buy single-family rental company Home Partners of America for $6 billion, betting the demand for suburban housing will stay hot even as the pandemic eases. Home Partners owns more than 17,000 houses in the United States; the company buys, rents out and eventually offers its tenants a chance to buy them. Now all those functions will be done by the largest US private equity firm.