Blackstone Group appears to be trying to oligopolize the business of renting single-family homes in the U.S.. As Bloomberg reports, after the housing crash left more than 7 million foreclosed homes in its wake, the investment firm has spent more than $7.8 billion purchasing about 41,000 single-family homes for rental conversion. The world's largest private equity firm has quickly become the largest landlord (of rental homes) in the U.S. and in October, Blackstone offered the first-ever "rental-home-backed" security on Wall Street. One has to wonder if this was the plan all along?Video Title: Why Is Blackstone Gobbling Up Homes?. Source: Bloomberg. Date Published: December 19. Description:
Blackstone and a handful of other private equity funds have been buying up single family homes across America at an unprecedented rate, betting that historically low house prices will bounce back. Meanwhile they're rehabbing and renting out these houses to families who've lost their own homes to foreclosures. Bloomberg's Willem Marx reports. (Source: Bloomberg)."Literally, it feels like our house was stolen."