BY ALEJANDRO LAZO AND WENDY FRY
Gladys Balcazar says she can barely afford food after paying rent to her new landlord, Blackstone Inc, one of the world’s largest private equity firms.
Balcazar, a 60-year-old janitor, lives with her 27-year-old son in a two-bedroom apartment in Imperial Beach. She supports her son, who has a disability, on a salary of $2,800 a month.
Blackstone bought her building and 65 others in San Diego County in 2021, becoming one of the region’s biggest landlords and alarming lawmakers, affordable housing advocates and Balcazar. In March Balcazar’s monthly rent rose $200 to $2,000.
“All of this has really depressed me because I don’t see a way out,” she said in Spanish. “I only earn enough to pay the rent, and after that there is nothing left.”
Adding to her stress were large swaths of dark mold outside her building, on walls and window ledges, climbing to a roofline. A building manager said she would be responsible for mold remediation in her unit if she moves out, Balcazar said.
“They said we’re responsible because we’re not ventilating the unit,” she said.
When asked by CalMatters, Blackstone said in a written statement that Balcazar would not be responsible for mold remediation.
“This is not something that would be required of our residents in any scenario,” the statement reads. “In the event where any issues like this are raised to management, the team addresses the situation as quickly as possible.”
A new landlord
Balcazar isn’t the only tenant getting the squeeze from Blackstone, advocates say.
Two years ago, Blackstone bought a portfolio of 66 relatively low-rent apartment buildings in San Diego County from a well-known charitable foundation for $1.48 billion. This year, tenants of those 5,800 dwellings say they’re worried about rent increases,…
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