Warren for Senate: [link removed]

It’s a story that plays out from industry to industry to
industry.

From nursing homes to retail outfits to manufactured-housing communities
and beyond, we see a similar pattern.

Private equity companies or Wall Street investors swoop in. They buy a
business. They jack up prices and reduce services, sucking out value in
the name of short-term profits. And then they reap the rewards — leaving
damage and destruction in their wake as they move along to the next
victim.

It’s happened to newspapers like the Denver Post. It’s happened to
retailers like Toys R Us and ShopKo. And it’s happening all over our
housing market.

Let’s zoom in on that piece. Last week, I visited Attleboro,
Massachusetts, and heard from residents of manufactured-home parks that
have been caught up in this pattern. They said rents have increased by
hundreds of dollars — some by 75%. Many of the residents are seniors
living on fixed incomes. They shouldn’t have to choose between buying
groceries, filling prescriptions, or paying rent.

But they aren’t alone.

Let me get wonky for a minute. Manufactured (or “mobile”) homes have been
a critical avenue to affordable housing for millions of Americans. A few
decades ago, these communities were generally owned by mom-and-pop
businesses. But the private equity industry saw an opportunity. Residents
of manufactured home communities often own their own homes but not the
land underneath. And since most of these homes aren’t actually mobile,
Wall Street vultures realized that families were effectively stuck in
place — sitting ducks. They could buy the community, raise rents, save
themselves money by refusing to make home repairs, and squeeze every
possible penny out of the residents.

Nobody should be surprised that these investors are doing this to pad
their own profits. Private equity firms get rich by loading companies and
real estate they buy with debt, then stripping out all the assets,
extracting whatever value they can, and charging exorbitant fees. That is
the business model.

And let’s call this what it is: legalized looting. Looting that makes a
handful of Wall Street managers very rich while costing thousands of
people their jobs, putting valuable companies out of business, and hurting
communities across the country.

So while I keep fighting to create more affordable housing in
Massachusetts and around the country, I’ll also keep working to protect
already-existing housing from corporate investors who just want to wring
more profits out of families.

And I’ll keep pushing to tackle this economy-wide problem. I have a plan
to stop these investors from looting companies and leaving communities
high and dry — including by putting private equity firms on the hook for
the debts of companies they buy. That way, they’re responsible for the
downside of their investments so that they only make money if the
companies they control flourish.

This is part of how we put our government on the side of working people. I
work for families, not powerful special interests, so I don’t take
campaign contributions from private equity executives.

[ [link removed] ]And I’m able to stay in this fight because of grassroots supporters
like you. If it makes
sense for you right now, can you pitch
in $28 or
any amount to support our re-election campaign and grow our grassroots
movement for bold, systemic reform?

Thanks for being a part of this,

Elizabeth







Donate: [link removed]



Facebook: [link removed]
Twitter: [link removed]
Instagram: [link removed]
YouTube: [link removed]


Paid for by Warren for Senate
____________________________________________

All content © 2023 Warren for Senate, All Rights Reserved
PO Box 171375, Boston, MA 02117
____________________________________________This email was sent to [email protected].

To unsubscribe, go to: [link removed]