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Wall Street Titan Gloats Over Pandemic Profits From Rentals as Eviction Tsunami Looms

“Blackstone was a huge winner coming out of the global financial crisis, and I think something similar is going to happen,” said the private equity firm’s billionaire CEO Stephen Schwarzman as millions brace for eviction.

By Kenny Stancil, staff writer for Common Dreams. Published 12-15-2020

Diane Yentel of the National Low Income Housing Coalition said that the consequences of congressional inaction on housing relief “will be deadly and costly—for children and families, for communities, and for our country’s ability to contain the pandemic.” Stephen Schwarzman photo: World Economic Forum/flickr/CC

As the December 31 expiration date on the CDC’s federal eviction moratorium nears in the midst of the surging Covid-19 pandemic and freezing weather, an estimated 30 to 40 million working-class households in the United States are bracing for the possibility of eviction—but at least one Wall Street investor looking to capitalize on the crisis is bragging about what he sees as a golden opportunity to expand his real estate empire.

“You always have winners and losers—Blackstone was a huge winner coming out of the global financial crisis, and I think something similar is going to happen,” said the billionaire CEO Stephen Schwarzman. Continue reading

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