HELTER SHELTER: How Blackstone Contributes To and Profits From California’s Broken Housing System

The report argues that Blackstone, the largest landlord in the U.S., exploits the affordable housing shortage to maximize returns. In San Diego, Blackstone increased rents by 38% across 66 properties acquired in 2021, nearly double the market average. The document details Blackstone's use of RealPage's YieldStar software for rent setting, its financial contributions to defeat California rent control initiatives, and its shift toward resuming evictions after August 2022 to increase 'economic occupancy'.

• Blackstone is the largest landlord in the United States, with a portfolio containing almost 350,000 rental housing units.
• Since 2021, Blackstone has aggressively expanded its residential portfolio by adding over 256,000 units, including the acquisition of American Campus Communities for $12.8 billion and Tricon Residential for $3.5 billion.
• In San Diego, Blackstone acquired 66 properties with 5,800 units in May 2021 and subsequently raised average rents by 38%, from $1,696 to $2,339 per month. This is nearly double the 20% average increase for the broader San Diego market, with some specific buildings seeing hikes up to 79%.
• After a voluntary moratorium during the pandemic, Blackstone resumed evictions in August 2022. In California, the company has a financial incentive to evict current tenants because the Tenant Protection Act of 2019 caps annual rent increases for existing tenants at 10%, but does not limit charges for new tenants.
• Blackstone executives have explicitly told investors that the shortage of new housing construction provides the company with 'pricing power' and is 'favorable for values longer term'.
• Blackstone spent over $7 million in both 2018 and 2020 to defeat rent control ballot initiatives in California. These funds were drawn from investor capital, including the University of California and California public employee pension funds.
• Evidence indicates Blackstone uses RealPage's YieldStar software to set rents. This includes a 2021 prospectus citing YieldStar at specific properties and job advertisements for revenue management roles requiring YieldStar experience.

APA

Ash, J. (2024). HELTER SHELTER: How Blackstone Contributes To and Profits From California’s Broken Housing System. Private Equity Stakeholder Project. https://pestakeholder.org/wp-content/uploads/2024/07/PESP_Report_Helter_Shelter_2024.pdf

Chicago

Ash, Jordan. HELTER SHELTER: How Blackstone Contributes To and Profits From California’s Broken Housing System. Private Equity Stakeholder Project, 2024. https://pestakeholder.org/wp-content/uploads/2024/07/PESP_Report_Helter_Shelter_2024.pdf.

Wikipedia

{{cite report |last1=Ash |first1=Jordan |title=HELTER SHELTER: How Blackstone Contributes To and Profits From California’s Broken Housing System |publisher=Private Equity Stakeholder Project |date=July 2024 |url=https://pestakeholder.org/wp-content/uploads/2024/07/PESP_Report_Helter_Shelter_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{ash2024helter, author = {Ash, Jordan}, title = {{HELTER SHELTER: How Blackstone Contributes To and Profits From California’s Broken Housing System}}, institution = {Private Equity Stakeholder Project}, year = {2024}, month = jul, url = {https://pestakeholder.org/wp-content/uploads/2024/07/PESP_Report_Helter_Shelter_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }