John Sununu’s Campaign and the Influence of Private Equity
In a political landscape marked by financial influences, former Senator John Sununu’s return to the campaign trail has attracted significant attention due to a substantial influx of contributions from private equity executives. The campaign has amassed $72,000 from these sources, raising questions about the ongoing housing affordability challenges in New Hampshire.
An analysis of New Hampshire’s housing market reveals a troubling trend of rising costs and restricted availability, issues exacerbated by investments from private equity firms. These entities have notably targeted rentals and mobile homes, sectors that have witnessed substantial interest and subsequent price hikes by commercial landlords.
Private equity firms, including Blackstone, have been identified as key players in acquiring properties and subsequently inflating rents beyond market expectations. Notably, Sununu’s campaign has received $48,000 from executives at Blackstone, recognized as the largest commercial landlord in the United States. An additional $24,000 was contributed by Apollo Global Management CEO Marc Rowan and his wife.
In New Hampshire, private equity ownership extends to at least 16 mobile home parks comprising approximately 3,713 residences. Residents in Northwood have reported rent increases nearing 60% since a commercial landlord assumed control in 2021.
Blackstone’s footprint in New Hampshire includes three significant properties: a Nashua housing complex, Durham apartments, and a student housing facility in Lebanon. Concerns about these properties have surfaced through Yelp reviews, citing issues such as rodent infestations and management’s lack of responsiveness.
Should Sununu secure a Senate seat, he will likely influence the legislative future concerning private equity’s role in housing. The Senate has already passed a bipartisan bill aimed at restricting these practices, mirroring a House bill that remains under negotiation, hinting at further legislative action.
Sununu’s past tenure in the Senate from 2003 to 2009 preceded his role at Akin Gump, a lobbying firm with both Blackstone and Apollo Global Management among its clients. In 2014, he expanded his involvement with private equity by joining the board of TAP Advisors, an investment banking firm linked to Blackstone.
The upcoming political contest will see Sununu facing former Massachusetts Senator Scott Brown in the Republican primary on September 8. Meanwhile, Democratic hopeful Rep. Chris Pappas, a supporter of the House bill against private equity’s housing practices, is poised to be a formidable opponent.
The post Sununu’s campaign fueled by private equity cash appeared first on American Journal News.
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