Law360 : Groups Slam Blackstone Plan To Buy Tricon Residential

Law360 covered opposition to the recently-announced acquisition of real estate firm Tricon Residential by private equity giant Blackstone, the largest landlord in the U.S. Private Equity Stakeholder Project and our partners at the Alliance of Californians for Community Empowerment, Unite HERE Local 11, and AFSCME Local 3299 came out against the deal, citing Blackstone’s pattern of evicting tenants and hiking rents, as well as their failure to sign fair contracts with workers at two hotels owned by the firm. 

Law360, February 1, 2024: “Labor Groups Slam Blackstone Plan To Buy Tricon Residential”

“Blackstone has a terrible track record for workers and tenants, failing to pay their workers living wages on the one hand and increasing rents with the other,” said Kurt Petersen, Unite Here’s co-president, in the article. “We urge investors and stakeholders to oppose Blackstone’s planned acquisition of Tricon unless there are protections in place for tenants, and to demand Blackstone resolve fair contracts for their hotel workers.”

Citing PESP’s report on Blackstone’s impact on tenants in the San Diego area, Law360 noted how the PE firm raised rents by as much as 64% at properties it owned in the area. When Blackstone’s voluntary eviction moratorium expired, the firm began evicting more tenants, including those who owed as little as a month’s rent.

“This deal will harm tenants and establish an anti-competitive marketplace. It should be rejected by both investors and regulators,” said PESP’s Jordan Ash. “Blackstone’s poor track record as a landlord is well known and well documented. Giving them more of a market share would be disastrous and only accelerate the affordable housing crisis in this nation.”

For more on how Blackstone treats its tenants, click here.