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'We the People—Not the Wealthy Few': Voters Target Greed of Landlords, Insurers, and Gas Giants
"We deserve a government that uses our money to fund our care, not one that uses our money to line the pockets of corporations," said one protester.
Feb 26, 2025
After meeting with their members of Congress, working-class voters on Wednesday marched to the Washington, D.C. offices of three companies behind the nation's housing, health, and climate crises that are set to cash in on federal Republicans' planned tax giveaways.
Organized by People's Action Institute, the protest targeted Blackstone, an investment company that has become the world's largest corporate landlord; UnitedHealth, the country's biggest health insurance company; and American Gas Association, which represents more than 200 energy companies that provide services to 189 million Americans.
The participants—who hailed from 60 congressional districts across 27 states—emphasized issues including unaffordable rent rates, housing insecurity, homelessness, denied medical treatment, unpayable healthcare costs, high utility bills, health harms from fossil fuels, and corporate lobbying for tax cuts that benefit companies and billionaires rather than working people.
"We're here today because we want to make the rich pay their fair share!" declared JJ Ramirez of People's Action Institute member organization VOCAL-Texas. "Blackstone is a private equity company that has over 300,000 rental properties across the country. They gobble up these homes, raise our rents, price gouge us, and then evict us when we can't afford to live in their places. We're here today because Blackstone has conspired with other corporate bad actors so they can gobble up everything that we have."
While the protesters gathered outside Blackstone, they stressed that corporate landlords in general are an issue. Ann Kiesling of Progressive Maryland, which supported tenants at the Enclave Silver Spring apartment complex, said that "I will never forget a woman with a disability telling me about the time she had to hop up, with the help of a neighbor, 15 flights of stairs to get to her apartment because the landlords refused to fix the elevators. I will never forget the parents of a four-year-old telling me how they had to heat up water on their stove to give their kid baths because their landlord refused to fix their hot water for over a month."
"An out-of-state private equity landlord, Hampshire Properties, is raking in massive profits by charging luxury rent prices while letting the building fall apart and leaving tenants with the consequences," Kiesling continued. "And while we are here fighting for basic living conditions against mold, broken elevators, pest infestations, corporate landlords like Hampshire Properties, like Greystar, like Blackstone, are pouring our rent money into lobbyists and elected officials' campaigns instead of fixing their buildings."
Hannah Peterson, a disabled veteran, seminary student, and member of the People's Lobby in Chicago, pointed out Wednesday that "just last night, House Republicans passed their budget resolution to cut millions from Medicaid."
That resolution
sets the stage for cutting not only $880 billion from the healthcare program that serves low-income Americans, but also $230 billion from the Supplemental Nutrition Assistance Program (SNAP), commonly called food stamps. Elected Republicans, who control both chambers of Congress and the White House, want to gut safety net programs to fund an expansion of tax giveaways to the rich that GOP lawmakers passed and President Donald Trump signed in 2017.
"Republicans are already funneling our tax dollars out of programs our communities need and into pockets of private corporations and billionaires," Peterson said. "We deserve a government that uses our money to fund our care, not one that uses our money to line the pockets of corporations."
As Medicare for All advocates often highlight, although the United States has Medicaid and Medicare, which serves seniors, it is the only developed country in the world without universal healthcare. Instead, the U.S. has a for-profit system that often leaves patients unable to access or afford necessary care, including because of denials from insurance companies.
"To the folks at UnitedHealthcare... if you really care about people's health, why don't you publicly come out and oppose the cuts to Medicaid?" asked Citizen Action of New York's Amelia Bittel—who has dysautonomia, a disorder that led to a heart surgery at age 35 and requires weekly blood draws.
"In my city of Syracuse, New York, 48% of the population relies on government-funded programs to get their insurance," said Bittel. "You don't need the $1.3 billion that you stand to profit from these cuts. Your company routinely reports the highest profits. Why not give back to the patients?"
At the American Gas Association, Gloria de Graves from Citizen Action of Wisconsin explained that in the Midwestern state, "if you're not familiar, we hit negative 30°F sometimes, and that means that people can freeze to death in their homes if they do not have a way to heat their homes."
"So all I'm saying is We Energies and Xcel Energy, who I have paid plenty of money to over the years, need to stop charging us so much money so that we can afford to feed ourselves, we can afford to stay housed, and when we are fleeing domestic violence, that there is a safe, electrified, and heated home to go into so that we are warm and safe in the winter," de Graves said.
Celebrating the multisite protest on Wednesday, progressive Congresswoman Rashida Tlaib (D-Mich.) said that "I want to thank you from the bottom of my heart, because there are people in my community that can't afford to come up here."
"It is so important to understand corporate greed and how it is embedded in environmental injustices, embedded in environmental racism," she said. "They want the federal government to continue to literally fund poisoning us, while we get sick here in our country. So they're making us sick, and we're subsidizing the fact that we don't have access to healthcare that supports our families."
In a dispatch earlier this week, People's Action executive director Sulma Arias wrote that her group "refuses to give up. We believe ordinary people have the power to rise and meet this and every moment, if we act together. We believe in the fundamental dignity of every person, without exception, and we believe government exists to serve all people—We the People—not the wealthy few."
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The Pro-Trump Oligarchs Driving Americans Into Homelessness
The principle cause of today’s crisis of homelessness and housing affordability has one, single, primary cause: billionaires treating housing as an investment commodity.
Oct 26, 2024
America’s morbidly rich billionaires are at it again, this time screwing the average family’s ability to have decent, affordable housing in their never-ending quest for more, more, more. Canada, New Zealand, Singapore, and Denmark have had enough and done something about it: We should, too.
There are a few things that are essential to “life, liberty, and the pursuit of happiness” that should never be purely left to the marketplace; these are the most important sectors where government intervention, regulation, and even subsidy are not just appropriate but essential. Housing is at the top of that list.
A few days ago I noted how, since the Reagan Revolution, the cost of housing has exploded in America, relative to working class income.
It seems that everywhere you look in America you see the tragedy of the homelessness these billionaires are causing. Rarely, though, do you hear about the role of Wall Street and its billionaires in causing it.
When my dad bought his home in the 1950s, for example, the median price of a single-family house was around 2.2 times the median American family income. Today the St. Louis Fed says the median house sells for $417,700 while the median American income is $40,480—a ratio of more than 10 to 1 between housing costs and annual income.
In other words, housing is about five times more expensive (relative to income) than it was in the 1950s.
And now we’ve surged past a new tipping point, causing the homelessness that’s plagued America’s cities since former U.S. President George W. Bush’s deregulation-driven housing- and stock-market crash in 2008, exacerbated by former President Donald Trump’s bungling America’s pandemic response.
And the principal cause of both that crash and today’s crisis of homelessness and housing affordability has one, single, primary cause: billionaires treating housing as an investment commodity.
A new report from Popular Democracy and the Institute for Policy Studies reveals how billionaire investors have become a major driver of the nationwide housing crisis. They summarize in their own words:
— Billionaire-backed private equity firms worm their way into different segments of the housing market to extract ever-increasing rents and value from multi-family rental, single-family homes, and mobile home park communities.
— Global billionaires purchase billions in U.S. real estate to diversify their asset holdings, driving the creation of luxury housing that functions as “safety deposit boxes in the sky.” Estimates of hidden wealth are as high as $36 trillion globally, with billions parked in U.S. land and housing markets.
— Wealthy investors are acquiring property and holding units vacant, so that in many communities the number of vacant units greatly exceeds the number of unhoused people. Nationwide there are 16 million vacant homes: that is, 28 vacant homes for every unhoused person.
— Billionaire investors are buying up a large segment of the short-term rental market, preventing local residents from living in these homes, in order to cash in on tourism. These are not small owners with one unit, but corporate owners with multiple properties.
— Billionaire investors and corporate landlords are targeting communities of color and low-income residents, in particular, with rent increases, high rates of eviction, and unhealthy living conditions. What’s more, billionaire-owned private equity firms are investing in subsidized housing, enjoying tax breaks and public benefits, while raising rents and evicting low-income tenants from housing they are only required to keep affordable, temporarily. (Emphasis theirs.)
It seems that everywhere you look in America you see the tragedy of the homelessness these billionaires are causing. Rarely, though, do you hear about the role of Wall Street and its billionaires in causing it.
The math, however, is irrefutable.
Thirty-two percent is the magic threshold, according to research funded by the real estate listing company Zillow. When neighborhoods hit rent rates in excess of 32% of neighborhood income, homelessness explodes. And we’re seeing it play out right in front of us in cities across America because a handful of Wall Street billionaires are making a killing.
As the Zillow study notes:
Across the country, the rent burden already exceeds the 32% [of median income] threshold in 100 of the 386 markets included in this analysis….
And wherever housing prices become more than three times annual income, homelessness stalks like the grim reaper. That Zillow-funded study laid it out:
This research demonstrates that the homeless population climbs faster when rent affordability—the share of income people spend on rent—crosses certain thresholds. In many areas beyond those thresholds, even modest rent increases can push thousands more Americans into homelessness.”
This trend is massive.
As noted in a Wall Street Journal article titled “Meet Your New Landlord: Wall Street,” in just one suburb (Spring Hill) of Nashville:
In all of Spring Hill, four firms… own nearly 700 houses… [which] amounts to about 5% of all the houses in town.
This is the tiniest tip of the iceberg.
“On the first Tuesday of each month,” notes the Journal article about a similar phenomenon in Atlanta, investors “toted duffels stuffed with millions of dollars in cashier’s checks made out in various denominations so they wouldn’t have to interrupt their buying spree with trips to the bank…”
The same thing is happening in cities and suburbs all across America; agents for the billionaire investor goliaths use fine-tuned computer algorithms to sniff out houses they can turn into rental properties, making over-market and unbeatable cash bids often within minutes of a house hitting the market.
After stripping neighborhoods of homes young families can afford to buy, billionaires then begin raising rents to extract as much cash as they can from local working class communities.
In the Nashville suburb of Spring Hill, the vice-mayor, Bruce Hull, told the Journal you used to be able to rent “a three bedroom, two bath house for $1,000 a month.” Today, the Journal notes:
The average rent for 148 single-family homes in Spring Hill owned by the big four [Wall Street billionaire investor] landlords was about $1,773 a month…
As the Bank of International Settlements summarized in a 2014 retrospective study of the years since the Reagan/Gingrich changes in banking and finance:
We describe a Pareto frontier along which different levels of risk-taking map into different levels of welfare for the two parties, pitting Main Street against Wall Street… We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to Wall Street at the expense of Main Street.
It’s a fancy way of saying that billionaire-owned big banks and hedge funds have made trillions on housing while you and your community are becoming destitute.
Ryan Dezember, in his book Underwater: How Our American Dream of Homeownership Became a Nightmare, describes the story of a family trying to buy a home in Phoenix. Every time they entered a bid, they were outbid instantly, the price rising over and over, until finally the family’s father threw in the towel.
“Jacobs was bewildered,” writes Dezember. “Who was this aggressive bidder?”
Turns out it was Blackstone Group, now the world’s largest real estate investor run by a major Trump supporter. At the time they were buying $150 million worth of American houses every week, trying to spend over $10 billion. And that’s just a drop in the overall bucket.
As that new study from Popular Democracy and the Institute for Policy Studies found:
[Billionaire Stephen Schwarzman’s] Blackstone is the largest corporate landlord in the world, with a vast and diversified real estate portfolio. It owns more than 300,000 residential units across the U.S., has $1 trillion in global assets, and nearly doubled its profits in 2021.
Blackstone owns 149,000 multi-family apartment units; 63,000 single-family homes; 70 mobile home parks with 13,000 lots through their subsidiary Treehouse Communities; and student housing, through American Campus Communities (144,300 beds in 205 properties as of 2022). Blackstone recently acquired 95,000 units of subsidized housing.
In 2018, corporations and the billionaires that own or run them bought 1 out of every 10 homes sold in America, according to Dezember, noting that:
Between 2006 and 2016, when the homeownership rate fell to its lowest level in 50 years, the number of renters grew by about a quarter.
And it’s gotten worse every year since then.
This all really took off around a decade ago following the Bush Crash, when Morgan Stanley published a 2011 report titled “The Rentership Society,” arguing that snapping up houses and renting them back to people who otherwise would have wanted to buy them could be the newest and hottest investment opportunity for Wall Street’s billionaires and their funds.
Turns out, Morgan Stanley was right. Warren Buffett, KKR, and The Carlyle Group have all jumped into residential real estate, along with hundreds of smaller investment groups, and the National Home Rental Council has emerged as the industry’s premiere lobbying group, working to block rent control legislation and other efforts to control the industry.
As John Husing, the owner of Economics and Politics Inc., told The Tennessean newspaper:
What you have are neighborhoods that are essentially unregulated apartment houses. It could be disastrous for the city.
As Zillow found:
The areas that are most vulnerable to rising rents, unaffordability, and poverty hold 15% of the U.S. population—and 47% of people experiencing homelessness.
The loss of affordable homes also locks otherwise middle class families out of the traditional way wealth is accumulated—through home ownership: Over 61% of all American middle-income family wealth is their home’s equity.
And as families are priced out of ownership and forced to rent, they become more vulnerable to homelessness.
Housing is one of the primary essentials of life. Nobody in America should be without it, and for society to work, housing costs must track incomes in a way that makes housing both available and affordable.
Singapore, Denmark, New Zealand, and parts of Canada have all put limits on billionaire, corporate, and foreign investment in housing, recognizing families’ residences as essential to life rather than purely a commodity. Multiple other countries are having that debate or moving to take similar actions as you read these words.
America should, too.
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Billionaire Investors Are 'Supercharging' Housing Crisis: Report
"Billionaires see housing as a way to boost their bottom line, instead of a necessity to survive."
Oct 21, 2024
A new report out Monday puts "into numbers the trend that ordinary Americans have known to be true for years," said economic justice advocates behind the analysis: "Their everyday struggles of affording a home are made worse by the sweeping influence that billionaires have over the market."
The Institute for Policy Studies (IPS) joined Popular Democracy in compiling a 71-page report titledBillionaire Blowback on Housing, aiming to get to the bottom of growing concerns in recent years about how Wall Street, as Democratic vice presidential nominee and Minnesota Gov. Tim Walz said earlier this month, is "buying up housing and making them less affordable."
The two groups found that a small number of wealthy individuals and their investment arms, who control "huge pools of wealth," have spent some of their vast resources on "predatory investment and wealth-parking in luxury housing"—contributing significantly to the crises of unaffordable rents, out-of-reach homeownership, and homelessness.
Billionaires are "supercharging existing problems" in the housing market, according to the report.
The authors take issue with assumptions about what is driving the housing crisis, which is characterized by record-breaking homelessness in 2023 with more than 653,000 people unhoused; half of tenants paying more than 30% of their income on rent, making them cost-burdened; and a significantly widened gap between the income needed to buy a house and the actual cost of a home.
"The real estate industry would like you to believe the problem is entirely one based on supply and demand," and that regulations need to be changed to allow for the construction of more affordable housing, reads the report. But with 16 million vacant homes across the U.S.—28 for every unhoused person—"the reality is that the owners of concentrated wealth... are playing a more pronounced role in residential housing, thereby creating price inflation, distortions, and inefficiencies in the market."
Signifying the U.S. real estate market's "emerging status as global tax haven," the number of vacant units in some communities exceed the number of unhoused people partially because wealthy investors are acquiring property and intentionally leaving it vacant, found IPS and Popular Democracy.
"The reality is that the owners of concentrated wealth... are playing a more pronounced role in residential housing, thereby creating price inflation, distortions, and inefficiencies in the market."
For example, in 2017 there were more than 93,500 vacant units in Los Angeles and an estimated 36,000 unhoused residents, with vacancies treated as "a structural feature of the market thanks to the presence of a small class of wealthy investors who engage in speculative financial behavior."
Billionaires and their investment firms, such as Blackstone—now the world's largest corporate landlord—are also "taking advantage of the tight low-income rental market, lack of publicly funded affordable housing, displacement after the foreclosure crisis, and inaccessible homeownership to get into the business of single-family and multifamily home rentals, and buying up mobile home parks," the report reads.
In one section of North Minneapolis, private equity firms including Pretium Partners "snatched up blocks of single-family rental homes, added fees on top of rent, and then proceeded to neglect the maintenance and upkeep of their properties."
Blackstone now owns 300,000 residential units across the U.S. and nearly doubled its portfolio in 2021. With $1 trillion in assets, it owns 63,000 single-family homes, 149,000 apartment units, and 70 mobile home parks.
Corporate ownership of rental housing stock "has not translated into housing stability, particularly for working-class households and communities of color," reads the report. "Rather, corporate landlords have concentrated their predatory investment practices—flipping, rent gouging, habitability violations, and evictions—in lower-income communities of color."
The billionaire class and its private equity firms, said Chuck Collins, co-author of the report and director of the Program on Inequality and the Common Good at IPS, has "severely disrupted" the housing market.
"This is not your grandparent's gentrification—but a hyper-gentrification fueled by concentrated wealth driving up land and housing costs, expanding short-term rentals, and treating housing like a commodity to speculate on or a place to park wealth," said Collins. "The billionaires are displacing the millionaires, and the millionaires are disrupting the housing market for everyone else."
The report calls on policymakers to expand social housing—housing developed by the government or a not-for-profit entity to ensure individuals, households, and families are guaranteed housing as a human right, which cannot be sold for profit.
Social housing could be paid for by levying mansion taxes, regulating predatory practices in the real estate market, and taxing billionaires.
Local communities can also protect residents and generate revenue for affordable housing through actions including:
- Establishing "Housing First" programs to rapidly provide permanently affordable housing to the unhoused and end the criminalization of homelessness;
- Limiting corporate ownership of housing and passing laws requiring ownership transparency so corporations can no longer secretly buy up neighborhoods;
- Passing ordinances giving apartment and mobile home tenants the "first option to buy" when their communities come up for sale;
- Prohibiting owners from keeping units vacant for long periods of time; and
- Creating local Offices of Social Housing and Social Housing Development Authorities to function as supportive infrastructure, with the input of tenant unions, unhoused people's organizations, and other impacted community members.
"Billionaires see housing as a way to boost their bottom line, instead of a necessity to survive. This current system doesn't serve our communities," said Analilia Mejia and DaMareo Cooper, co-executive directors for Popular Democracy. "We need to do better. That starts with re-shaping our systems to look out for the needs and desires of working families, instead of billionaire investment and speculation. We need to safeguard renters' rights, and drastically expand the availability of permanently and truly affordable quality housing."
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