Private Equity Contributions Boost John Sununu’s Campaign Amid Housing Concerns
Former Senator John Sununu, aiming for a political comeback, has received substantial financial backing, totaling $72,000, from private equity executives. These contributions come from individuals linked to New Hampshire’s current housing affordability challenges.
An analysis of the housing market in New Hampshire has identified high costs and a limited supply as significant issues, particularly in rental and mobile home sectors. These areas have seen a rise in private equity investments recently.
Private equity firms have been acquiring these housing properties, significantly increasing rents to levels often exceeding market rates. Such firms, frequently termed commercial landlords, are capitalizing on these investments to generate substantial profits.
Sununu’s campaign has reported receiving $48,000 from Blackstone executives, recognized as the largest commercial landlord nationally. Additionally, $24,000 came from Apollo Global Management’s CEO Marc Rowan and his spouse.
In New Hampshire, private equity investors own at least 16 mobile home parks, which include about 3,713 homes. Residents of a Northwood park report rent hikes nearing 60% since a commercial landlord assumed ownership in 2021.
Blackstone’s New Hampshire holdings consist of three properties: a Nashua housing complex, Durham apartments, and a student housing facility in Lebanon. Complaints on Yelp suggest rodent issues and poor management responsiveness at the Durham location.
Should Sununu secure a Senate seat, he is poised to influence future legislation on private equity’s role in housing. Currently, the Senate and House are working through a bipartisan housing bill aimed at regulating this ownership practice, although differences in the bills are yet to be reconciled.
John Sununu, who served as a Senator from 2003 to 2009, later joined Akin Gump, a lobbying firm that included Blackstone and Apollo Global Management among its clients. In 2014, he took a position on the board of TAP Advisors, which also advised Blackstone.
In the upcoming September 8 Republican primary, Sununu will contend with former Massachusetts Senator Scott Brown. The Democratic challenger is expected to be Representative Chris Pappas, who has endorsed the House’s stance on restricting private equity’s influence on housing.
For more information, see the full article here on American Journal News.
