zerohedge.com / by Tyler Durden / 03/08/2015 21:50 -0400
As we’ve noted previously, the post-crisis, Fed-subsidized rush to acquire distressed real estate resulted in none other than Blackstone becoming the US’s largest landlord. The giant PE firm — which borrowed $3.6 billion in seed money from Deutsche Bank to get its real estate empire up and running — accumulated a portfolio of some 50,000 single family homes after spending billions buying foreclosures at bank auctions. The properties were quickly converted to rental units and the rent checks were (naturally) securitized into the first ever rental-home-backed-securities. All of this has had the predictably sad effect of driving down US home ownership and driving up rents.
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