Advocates Worry Blackstone Sale Will Take Affordable Housing Crisis From Bad to Worse
The planned sale of 66 apartment buildings to the New York-based Blackstone Group highlights both the vulnerability of naturally affordable housing and the lack of requirement for owners to notify local governments of plans to unload properties.
The Doriana Apartments in southeastern San Diego are among the apartment buildings being acquired by the Blackstone Group in a pending sale. / Photo by Adriana Heldiz
The Conrad Prebys Foundation, a charitable organization, shocked affordable housing advocates last week when it announced that it would sell 66 apartment buildings to a private equity firm.
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The new 14-story Saint Teresa of Calcutta Villa being built at the corner of 14th and Commercial streets will provide housing for more than 500 people. Rendering courtesy of Joseph Wong Design Associates.
Construction has reached the halfway point for a $145 million downtown East Village apartment tower with a twist.
Unlike many of its neighbors, the target market for Saint Teresa of Calcutta Villa are some of the same people who may now sleep in the shadows of the steel shell of the rising building – homeless or recently homeless individuals, veterans and families.
Reaching 14 stories at 14th and Commercial streets, Saint Teresa’s will include 407 apartments meant to provide permanent housing for more than 500 people.