aug-2023-letter-to-treasurer-folwell-2-19d4fb10d9bfc6d8.pdf

The Private Equity Stakeholder Project and Action NC urge the North Carolina State Treasurer to implement guidelines for housing investments to protect residents from corporate landlord practices. The letter highlights that the North Carolina Retirement System (NCRS) has invested billions in private equity firms like Landmark Partners, Blackstone, Meadow Partners, and Brookfield Asset Management, which are linked to aggressive evictions, poor maintenance, and steep rent hikes in North Carolina and other U.S. cities.

• The North Carolina Retirement System (NCRS) has significant financial ties to private equity firms that operate large-scale rental portfolios. Since 2017, NCRS invested over $2.6 billion in Landmark Partners, which is a major investor in Progress Residential. Since 2012, NCRS invested $3.8 billion in the Blackstone Group, which owns Home Partners of America (HPA). Additionally, NCRS has invested over $450 million in Meadow Partners and $300 million in Brookfield Asset Management.
• Corporate landlords in North Carolina, specifically Progress Residential and Ginkgo Residential, are accused of harming the local housing market. Progress Residential owns over 7,700 homes in the state and is criticized for using algorithms to make rapid all-cash offers that squeeze out individual homebuyers. Ginkgo Residential, which owns more than 5,700 units in North Carolina, reportedly gave notice to tenants to vacate below-market rate apartments in Kernersville after purchasing a building.
• Private equity-backed landlords are linked to poor habitability and abusive eviction practices. Progress Residential was found by a U.S. House Subcommittee to have filed over 6,000 evictions during the first 16 months of the pandemic, sometimes for balances as low as $500 to $1,000. Blackstone's former subsidiary, Invitation Homes, was reported to have issues with 'leaky pipes, vermin, toxic mold, nonfunctioning appliances'.
• Blackstone is accused of exploiting rent cap laws in California to increase revenue. In San Diego, where it acquired 5,800 units in 2021, Blackstone listed some apartments at 43%-64% higher than previous averages by evicting existing tenants to bypass the 10% annual rent hike cap set by the Tenant Protection Act of 2019.
• The proposed 'Principles for Responsible Housing Investment' would require the Treasurer to ensure investments do not negatively impact residents. Key requirements include capping annual rent increases at 3%, adopting 'Just Cause Eviction Protections', eliminating excess fees, meeting habitability standards, and providing tenants the right of first purchase when selling properties.

APA

Private Equity Stakeholder Project (2023). aug-2023-letter-to-treasurer-folwell-2-19d4fb10d9bfc6d8.pdf. https://pestakeholder.org/wp-content/uploads/2023/08/Aug-2023-Letter-to-Treasurer-Folwell-2.pdf

Chicago

Private Equity Stakeholder Project. aug-2023-letter-to-treasurer-folwell-2-19d4fb10d9bfc6d8.pdf. 2023. https://pestakeholder.org/wp-content/uploads/2023/08/Aug-2023-Letter-to-Treasurer-Folwell-2.pdf.

Wikipedia

{{cite press release |author=Private Equity Stakeholder Project |title=aug-2023-letter-to-treasurer-folwell-2-19d4fb10d9bfc6d8.pdf |date=14 August 2023 |url=https://pestakeholder.org/wp-content/uploads/2023/08/Aug-2023-Letter-to-Treasurer-Folwell-2.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{privateequitystakeholderproject2023aug2023lettertotreasurerfolwell219d4fb10d9bfc6d8pdf, author = {{Private Equity Stakeholder Project}}, title = {{aug-2023-letter-to-treasurer-folwell-2-19d4fb10d9bfc6d8.pdf}}, publisher = {Private Equity Stakeholder Project}, year = {2023}, month = aug, url = {https://pestakeholder.org/wp-content/uploads/2023/08/Aug-2023-Letter-to-Treasurer-Folwell-2.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }