Private Equity’s Influence Looms Over Sununu’s Senate Bid
In the political arena, financial backing can often shape the landscape of a candidate’s campaign. Former Senator John Sununu’s latest bid for office is under the spotlight as revelations emerge about significant contributions from private equity executives linked to New Hampshire’s housing challenges.
A study examining the state’s housing market points to a troubling trend of rising costs and scarce availability, particularly in the rental and mobile home sectors. These areas have garnered substantial interest from private equity over recent years.
Private equity firms have been acquiring these properties and, in turn, substantially increasing rental prices beyond typical market rates. These entities are frequently described as commercial landlords.
Sununu’s campaign disclosures reveal $48,000 in donations from Blackstone executives, noted as the nation’s largest commercial landlord. An additional $24,000 was contributed by Apollo Global Management’s CEO Marc Rowan and his spouse.
In New Hampshire, private equity investors own 16 mobile home parks, housing approximately 3,713 homes. Residents of a Northwood park have reported a rent increase of nearly 60% since a commercial landlord acquisition in 2021.
Blackstone holds ownership of three properties within the state: a residential complex in Nashua, apartments in Durham, and a student housing facility in Lebanon. Reviews on platforms like Yelp raise concerns about rodent infestations and management issues at the Durham site.
Should Sununu secure a Senate seat, he would likely influence legislative decisions affecting private equity’s role in housing. The Senate has already passed a bipartisan bill aimed at restricting these practices, with ongoing discussions in the House suggesting further votes are imminent.
Sununu, who served in the Senate from 2003 to 2009, later joined Akin Gump, a lobbying firm with ties to Blackstone and Apollo Global Management. He also joined TAP Advisors in 2014, an investment banking firm that advised Blackstone.
Sununu is set to compete against former Massachusetts Sen. Scott Brown in the Republican primary on September 8th. The anticipated Democratic contender is Rep. Chris Pappas, who has supported legislation to limit private equity’s influence in housing.
The post Sununu’s campaign fueled by private equity cash appeared first on American Journal News.
