Two years ago, Blackstone bought 66 relatively low-rent apartment buildings from a charitable foundation. Tenants say they see rent increases, maintenance issues and evictions in their futures.
if they were unable to pay rent or other charges due to COVID-19-related financial distress and had received an eviction notice from March 2020 through March 2022. The protection expired in June 2022, though some California cities still are enforcing pandemic-era policiesTenants sometimes leave under pressure before a full eviction is carried out, housing advocates said, because having an eviction on a tenant’s record would make it difficult for them to find future housing.
“I think they’re being greedy,” Simpson said. “People are severely rent burdened. They can’t afford to stay, and they can’t afford to leave.” “They’ve perfected an approach to being able to make as much money as possible,” Myklebust said. “When they see opportunities to be able to continue to use that approach, they’re going to do it, and they’ve been seeing and getting those opportunities.”
Councilmember Consuelo Martínez walks around a neighborhood in Escondido and talks about how multiple apartment complexes have tenants raising the alarm about increased rents, threatened evictions, and a lack of basic services. Photo by Lauren Justice for CalMattersBlackstone bought five Escondido apartment buildings totaling 636 units, county records show. Martínez said she has been fielding phone calls from affected renters since last year.
The courts later overturned that ordinance, but not before many residents left their homes and jobs. That had a ripple effect on the local economy, she said, adding that Escondido’s housing squeeze is related to historic, systemic discrimination against lower-income immigrants.“I don’t feel like I have the support on my council to even talk about renter protections,” Martínez said.
Others acknowledge that demand is boosting rents. Until San Diego has a large enough supply of housing, skyrocketing rents will persist, said Ricardo Flores, executive director of the Local Initiatives Support Corporation, a nonprofit promoting affordable housing.
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