In the midst of New Hampshire’s housing affordability challenges, former Sen. John Sununu’s campaign has attracted significant financial contributions from private equity executives, raising $72,000. These executives are tied to firms implicated in the state’s housing issues.
A recent analysis highlights a troubling trend of rising costs and scarce supply in New Hampshire’s housing market, especially in rentals and mobile homes. These sectors have become lucrative targets for private equity investments over recent years.
Private equity firms, often labeled as commercial landlords, have acquired these properties, subsequently hiking rents to levels that exceed market norms. Sununu’s campaign finances include $48,000 from Blackstone executives, known as the largest commercial landlord in the U.S., and $24,000 from Apollo Global Management CEO Marc Rowan and his spouse.
In New Hampshire, private equity investors own at least 16 mobile home parks, housing about 3,713 homes. Residents in Northwood have experienced a nearly 60% rent increase since a commercial landlord acquired their park in 2021.
Blackstone maintains ownership of three properties in the state, including a Nashua housing complex, Durham apartments, and a student housing facility in Lebanon. Tenants in Durham have reported issues like rodent infestations and poor management through Yelp reviews.
If Sununu secures a Senate seat, his decisions could influence the regulation of private equity’s role in housing. The Senate recently passed a bipartisan bill aimed at restricting these practices. The House has passed a similar bill, yet ongoing negotiations mean further legislative action is expected.
Sununu, who served in the Senate from 2003 to 2009, later joined Akin Gump, a lobbying firm that represented Blackstone and Apollo Global Management. In 2014, he joined the board of TAP Advisors, an investment bank advising Blackstone.
The upcoming political battle will see Sununu against former Massachusetts Sen. Scott Brown in the Republican primary on Sept. 8, with Rep. Chris Pappas, a supporter of the House bill against private equity housing practices, as the likely Democratic contender.
The post Sununu’s campaign fueled by private equity cash appeared first on American Journal News.
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