Blackstone has filed eviction lawsuits against hundreds of tenants across the US as it winds down one of the real estate industry’s most generous pandemic-era forbearance programmes, in a move that executives say will boost financial returns at the company’s redemption-hit real estate fund.
Court records from Georgia and Florida show that companies owned by Blackstone have commenced legal proceedings against dozens of tenants every month since August, launching more cases in a typical week than the total for the first seven months of 2022.
At the same time, consultants working for Blackstone have been calling local politicians in California to warn of a probable uptick in evictions in areas of the state that have significant numbers of delinquencies, said people familiar with the conversations.