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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Tenant Complaints Versus Company Claims
- Tenants in Invitation Homes reported higher rents, reduced maintenance and punitive fees after acquisition.
- Blackstone disputed these accounts and highlighted renovation spending and tenant satisfaction scores.
Sweden Portfolio Sparked Backlash
- After buying a controlling stake in Sweden's largest real estate firm, Blackstone renovated apartments and raised rents by 42% on some units.
- Sweden's tenants' union criticised degradation and private-ownership effects despite Blackstone's stated reinvestments.
Opaque Ownership Through Prop Cos
- Blackstone entered Denmark via a local partner, 360 North, buying blocks through complex holding-company chains.
- The structure used prop cos and holdcos, masking ownership and complicating tenant oversight.