Comment to Teacher Retirement System of Texas

The Private Equity Stakeholder Project warns the Teacher Retirement System of Texas that Blackstone's acquisition of Tricon Residential will exacerbate the housing affordability crisis and harm tenants. The author highlights that Blackstone would own 9,000 single-family rental homes in Texas following the deal and cites a history of poor property management at Invitation Homes and Home Partners of America, including maintenance failures and inflated rents.

• Blackstone's acquisition of Tricon Residential would make it the third-largest owner of single-family rentals in the US, with a total of 66,000 homes.
• In Texas, the acquisition would result in Blackstone owning 9,000 single-family rental homes, combining Tricon's 6,000 homes (primarily in Dallas, Houston, and San Antonio) with Blackstone's existing 3,000 homes.
• Institutional investors bought more than 25% of single-family homes in Texas in 2020, which is the highest rate among all US states, contributing to the exclusion of first-time homebuyers through all-cash offers.
• Blackstone has a documented history of poor landlord performance, including reports of severe maintenance issues at Invitation Homes and high rents and low purchase rates at Home Partners of America.

APA

Ash, J. (2024). Comment to Teacher Retirement System of Texas. Private Equity Stakeholder Project. https://pestakeholder.org/wp-content/uploads/2024/02/TX_Teachers_Comment.pdf

Chicago

Ash, Jordan. Comment to Teacher Retirement System of Texas. Private Equity Stakeholder Project, 2024. https://pestakeholder.org/wp-content/uploads/2024/02/TX_Teachers_Comment.pdf.

Wikipedia

{{cite press release |last1=Ash |first1=Jordan |title=Comment to Teacher Retirement System of Texas |publisher=Private Equity Stakeholder Project |date=15 February 2024 |url=https://pestakeholder.org/wp-content/uploads/2024/02/TX_Teachers_Comment.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{ash2024comment, author = {Ash, Jordan}, title = {{Comment to Teacher Retirement System of Texas}}, publisher = {Private Equity Stakeholder Project}, year = {2024}, month = feb, url = {https://pestakeholder.org/wp-content/uploads/2024/02/TX_Teachers_Comment.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }