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1) It's not a conspiracy theory that during the biggest housing crunch in modern history, PE firms were gobbling up the majority of all SFH sales in many market
by silisili 2y ago
1) It's not a conspiracy theory that during the biggest housing crunch in modern history, PE firms were gobbling up the majority of all SFH sales in many markets.
2) While true, BlackRock was essentially founded by Blackstone. Their naming is no coincidence.
3) Both were involved in said practice to an extent, with Blackrock having a share in American Homes for Rent, and Blackstone Invitation Homes.
- cscurmudgeon 2y ago1) What fraction of SFH were brought by PE firms? 3) What share is that?
- silisili 2y ago1) Depends on year and zip code. While I don't have specific numbers for these two companies, there are numerous reports for 'investor' purchases. In some zip codes, 90%. Nationwide, 24% of all SFH sales in 2021, for example. 3) 10% for Blackrock. Blackstone is a little trickier as they sold off IH in 2019, only to buy Tricon in 2021.
- astrange 2y ago> It's not a conspiracy theory that during the biggest housing crunch in modern history, PE firms were gobbling up the majority of all SFH sales in many markets. No, they had a majority of SFH /rental/ housing, which is by far not the majority of SFH housing. They also say in their investor releases that the strategy only works because restrictive zoning prevents building any new housing to compete. And they're selling it now IIRC.