The Audio Long Read From the archive: The Blackstone rebellion: how one country took on the world’s biggest commercial landlord
Oct 8, 2025
Hettie O'Brien, a regular Long Read writer and expert on private equity's role in housing, delves into the fierce Danish backlash against Blackstone's housing acquisitions. She reveals how Blackstone transitioned from commercial properties to residential homes post-2008. O'Brien discusses innovative tenant resistance strategies, including the impactful 'Blackstone Law' designed to limit rent hikes. With insights into tenant organization, government interventions, and the tug-of-war between housing policy and investor profits, this narrative shines a light on the complexities of affordable housing.
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Scale Shapes Cities And Daily Life
- Blackstone became the largest commercial landlord by buying diverse real assets and converting them into a global portfolio.
- Its scale lets it shape cities and everyday life while pursuing investor returns.
Housing As An Asset Class
- Blackstone treats residential housing as a distinct asset class where people's rents are the primary revenue.
- That focus creates a tension between investor return expectations and tenant interests.
Invitation Homes' Rapid US Buyout
- In 2012 Blackstone founded Invitation Homes to buy US single-family homes after the mortgage crash.
- At peak it spent up to $125 million a week and became the largest owner of family rental homes.