Blackstone Takes the Loss
The migration during the Covid-19 era saw many from the upper East Coast relocating to Florida for its warm weather, lower taxes, and relaxed lifestyle. However, recent trends show people are exiting Florida due to escalating insurance costs, frequent hurricanes, and a cooling property market, which together are diminishing the state's appeal.
Nice to see Blackstone take a loss... as they are buying up all the property across the US... but for them to capitulate is a bad sign.
The reason I do not like Blackstone is they are the largest landlord in the U.S., with holdings exceeding 300,000 units. This has effects on housing affordability, with critics arguing that such large-scale acquisitions by private equity firms like Blackstone could be detrimental to the American dream of homeownership due to rising rents, evictions, and the shift towards a rental-based society - all not good.
