THE U.N. ACCUSES BLACKSTONE OF HOUSING CRISIS

By: Leon Kwasi Kuntuo-Asare

One of the world’s largest real estate companies Blackstone Group, was called out by the United Nations Housing Advisor.

Blackstone was accused of taking advantage of its tenants, inflating housing prices, and charging expensive fees to do basic repairs.

According to the Guardian.com

“government officials in Czech Republic, Denmark, Ireland, Spain, Sweden and the US, Farha and Deva accused private equity and asset management firms like Blackstone and its subsidiaries of undertaking “aggressive evictions” to protect its rental income streams, shrinking the pool of affordable housing in some areas, and effectively pushing low and middle-income tenants from their homes.”

In recent years Blackstone has grown massively, by buying hundreds of thousands of homes throughout the globe, in regions like North America, Latin America, Europe and parts of Asia.

For additional information use link below:

https://www.theguardian.com/us-news/2019/mar/26/blackstone-group-accused-global-housing-crisis-un