"A number of other large asset managers and private equity firms are very active today in purchasing single-family residences. BlackRock is sometimes confused with them." www.blackrock.com/corporate/ne...
Slightly spicy 🌶️ ( #Blackstone), but insightful communication by #BlackRock

The consequence: a particularly high proportion of rental income went to shareholders. This is shown by the "extraction rate" that we calculated. LEG 👇 paid out 43,69% of their rental income to shareholders in 2021. And much less of it went to maintenance or tax payments. \5

First, a look at the share of apartments owned by financialized housing companies in major German cities. This includes institutional investors such as private-equity companies, however the major players in Germany are listed companies such as Vonovia. \2

The #housing crisis is omnipresent in major cities. What does this have to do with financialized housing companies and housing as an asset class? In our new study, we look at the business practices of listed housing companies in 🇩🇪 and their impact on the rental market. 🧵👇 \1

Die Konsequenz dieser Geschäftspraktiken: ein besonders hoher Teil der Mieteinnahmen floss an Aktionär*innen. Und weniger davon in Instandhaltungen oder Steuerabgaben. Das zeigt die “Abschöpfungsquote”, die wir für LEG (hier zu sehen), Vonovia, GCP und TAG ermittelt haben. \4

Unsere Analyse zeigt: Ein Teil des Problems sind finanzialisierte Wohnungsunternehmen wie #Vonovia & LEG. Obwohl sie sich gerne als Lösung für die Wohnungsnot darstellen. Der Neubau bezahlbarer Wohnungen war nie ihr Fokus. In der aktuellen Krise wird das noch deutlicher. \2