Etienne Note: I am going to illustrate this article with this pic of Kelly Ayote with suspected Fed Jeremy Kaufmann and Jason Osborne, who have formed the Free State PARTY in New Hampshire in what spells like an attempt to “Divide and Conquer” the Free State PROJECT. The Free State PROJECT is 40-50% voluntaryist, anarcho-capitalist or peaceful anarchists who see through the scam of “government” where the Free State PARTY is openly Statist, Nationalist, Right-Wing, and “Patriot” (Whatever that means..)
Etienne Note: I am also including these images from our expose/upcoming book: THE GREATEST THEFT IN HUMAN HISTORY! How the Banks and “Government” Will Steal At Least $1.40 Million From The Typical American Worker... “Legally” showing how, through Fannie Mae’s REO-to-Retail scheme in 2012, over 400,000 single family homes were sold to private equity companies like Blackstone who, to quote our expose, “raise rents at 60% higher rates than the average increase when first acquiring a property — and that higher investor share in a neighborhood pushes up rents even at non-investor-owned homes” (Lee & Wylie, FRB Philadelphia Working Paper 24-13, 2024).
Much of the money used to acquire foreclosed homes was, no doubt, financed by dollars created out of thin air by banks which has additional inflationary impacts on the population. We coined a term in The Greatest Theft in Human History to describe the dynamic where the population is forced to borrow at interest to afford housing, education, and medical expenses made unaffordable by the same banks and crooked monetary system. We are calling it: The Compound Trap.
By Meryl Nass, Meryl’s CHAOS letter (Critical Health Analysis and OpinionS)
Blackstone is one of the world’s largest private equity firms. BlackRock split off from BlackStone in 1994. From Wikipedia:
Blackstone’s private equity business has been one of the largest investors in leveraged buyouts in the last three decades, while its real estate business has actively acquired commercial real estate across the globe. Blackstone is also active in credit, infrastructure, hedge funds, secondaries, growth equity, and insurance solutions. As of September 2025, Blackstone had $1.2 trillion in total assets under management, making it the world’s largest alternative investment firm.
Ayotte is a corporate product. She voted while in the Senate (2011-2017) in favor or low income housing projects paid by the federal government, while out of the Senate she supported Blackstone’s gouging rents. She now has an estimated net worth of over $10 million dollars. Hwo do you get there on a politiician’s salary? Serving wealthy corporate interests. No wonder she vetoed the On-Farm slaughter bill—because it serves farmers and consumers, not Big Ag. And her slick team of wordsmiths made it sound like despite her veto, she was going to help farmers, while specifying absolutely nothing she would do for them. The usual playbook at work.
Here’s what NH’s main newspaper has to say about her.
Aug 13, 2024 Updated Sep 18, 2025
CONCORD — Leading Republican candidate for governor Kelly Ayotte serves on the board of and owns extensive stock in Blackstone, a private equity firm that critics say has a history of buying distressed properties, raising rents, evicting tenants and managing some apartment complexes with deplorable conditions.
The company’s vast holdings around the world, through subsidiary firms, include a large housing complex in South Nashua, apartments in Durham near the University of New Hampshire and a student housing project in Lebanon.
Since joining the board in 2019, Ayotte has been paid $150,000 a year.
According to a 2023 U.S. Securities and Exchange Commission disclosure statement, she owns more than 16,500 shares of stock valued at $2.2 million, based on Tuesday’s closing price.
Ayotte, of Nashua, said suggestions that Blackstone has contributed to the rising price of rental property in the U.S. were “Democratic lies.”
Kelly Ayotte, a former U.S. senator and the leading candidate in the Republican primary for governor, sits on the board of Blackstone Group, a private equity firm that critics say has a history of practices that have unsettled the housing market, caused home and rent costs to skyrocket, and left tenants living in deplorable conditions.
Union Leader file: [Ayotte has learned her talking points well—Nass]
“First of all, I saw the Democratic lies pushed out about Blackstone and in fact a lot of those lies have been pushed by these left-wing groups across the nation, some of them funded by George Soros,” Ayotte said during an interview for this story.
“Each of these lies and myths have been debunked as well.”
Blackstone itself has pushed back hard on these attacks — specifically the claim that it has played a major part in rising rents and home prices — with a lengthy commentary posted on its website last April.
On rising rents, Blackstone said: “We own less than 1% of rental housing in the US and every market across the UK and Europe where we own assets. Given our ownership levels, we have virtually no ability to impact market rent trends.”
And on criticism that it drives up housing prices by buying up homes and renting them out: “Blackstone only owns approximately 0.06% of the 105 million single-family homes in the US, and in aggregate, institutions own only 0.5%. ... Across the top 18 markets where Blackstone acquired single-family rental homes in 2022, Blackstone’s acquisitions on average represented less than 1% of all housing sales. Therefore, it is virtually impossible for Blackstone to move the market.”
In March 2019, a few weeks before Ayotte joined the board, United Nations housing adviser Leilani Farha issued a critical report, accusing Blackstone and other equity firms of exploiting tenants and “wreaking havoc” in communities.
She said it was the company’s practice to massively inflate rents and impose an array of heavy fees and charges for ordinary repairs.
“Landlords have become faceless corporations wreaking havoc with tenants’ right to security and contributing to the global housing crisis,” she wrote.
Blackstone fired back. In a letter to the UN, Blackstone charged that the report contained “numerous false claims, significant factual errors and inaccurate conclusions.”
Ayotte blames inflation
Ayotte, a former U.S. senator and state attorney general, said New Hampshire’s housing crisis is caused by a lack of supply. She cited a chronic need to build single-family, rental and manufactured housing units across the state.
Corporate landlords “are not changing the market when it comes to New Hampshire; it’s a simple supply-and-demand problem,” she said.
If elected, Ayotte said, she would make the state permitting process more transparent with the goal of giving developers an answer on applications within 60 days.
“As I travel around the state talking to people in local communities, even trying to get a driveway permit can be difficult to do,” Ayotte said. “We are going to overhaul that whole process to make it more efficient.”
Ayotte said rising inflation is the reason rents and home prices are so high here.
“That’s very tough for a first-time homeowner. So I hope inflation goes down and that we get to a position where people can have a mortgage that’s reasonable in terms of interest rates,” Ayotte said.
In 2023, Realtor.com rated the Manchester-Nashua market the 10th-hottest in the nation, with a median home price of $550,000. New Hampshire housing costs have been rising significantly and consistently since the start of the COVID-19 pandemic, even before consumer prices saw a sharp increase nationwide in 2021 and 2022.
In a January 2022 investor call, Blackstone executives said that the rents in the real estate portion of their portfolio grew by as much as two to three times the overall inflation rate.
Real estate juggernaut
As of 2023, Blackstone was the biggest landlord in America, with more than 12,400 real estate assets and 230 portfolio companies.
Their holdings include more than 300,000 apartments.
Blackstone has grown from a two-person shop with $400,000 in assets in 1985 to a dominant force, not just in real estate but in hedge funds, credit training, infrastructure investment and other businesses.
The company’s real estate investments have included everything from giant data centers and warehouses to apartments and single-family homes. Residential properties were mostly in the southern and western U.S.
In recent years, Blackstone has acquired hundreds of thousands of homes in the U.S., Europe, Asia and Latin America.
The firm said private equity helped rebuild the rental market at a time when countries around the world were facing housing shortages.
Some of its business activities and practices pre-date Ayotte’s term on the board.
In 2013, Blackstone gobbled up massive numbers of foreclosed, single-family properties through a subsidiary, Invitation Homes. Six years later, it sold its remaining shares in that company for $1.7 billion.
Blackstone’s history
Blackstone owns many high-end properties across the world and in the U.S., but some of their projects have courted controversy.
• Tenants of a University of California property in San Diego purchased by Blackstone in 2021 complained of annual rent hikes of 8% to 9% despite continuing maintenance issues, including cockroach infestations.
• In February 2023, Business Insider reported that since July 2022 — less than eight months — Blackstone had filed more than 900 eviction notices against tenants in multiple states, including Florida, Georgia, Nevada and Arizona.
• Home Partners America, a Blackstone-affiliated rent-to-own company, had fewer property sales than eviction filings in all three of its large metropolitan markets — Atlanta, Chicago and Tampa, Florida — according to a 10-year study by Business Insider and the McGraw Center for Business Journalism.
Blackstone said it is the “only major landlord” in America that didn’t evict a single resident for nonpayment during the two-plus years of the pandemic.
Before the pandemic, Blackstone’s eviction rate was less than half the historical national average, the company said.
A majority of its affordable housing properties in the U.S. have rent restrictions on them that will last, on average, another 18 years, Blackstone officials said.
They said customer satisfaction was well above the national average for residents of their Home Partners America properties.
According to public documents, Blackstone’s comparatively small real estate footprint in New Hampshire consists of:
• Royal Crest Estates in Nashua, a 904-unit apartment complex owned by Air Communities, which Blackstone announced earlier this year it was acquiring.
• Cottages of Durham, which is owned by American Campus Communities, a company Blackstone purchased in 2022.
• MAREK South student apartments in Lebanon, whose landlord, Greystar Properties, Blackstone has held a 95% stake in since 2018.
Ayotte’s Republican primary opponent, former Senate President Chuck Morse, R-Salem, was critical of Ayotte’s corporate ties.
“Voters deserve to know where Kelly Ayotte’s loyalty truly lies: in corporate boardrooms or with the families of New Hampshire,” Morse said in a statement.
“Her substantial investments in multinational corporations like Blackstone — one of the key contributors to the housing crisis plaguing communities across our nation — make it clear that corporate Kelly’s interests do not align with those of everyday Granite Staters. It’s plain and simple: you can’t trust Kelly Ayotte.”
Ayotte’s Senate record
Ayotte said she has extensive experience as a housing advocate during her U.S. Senate tenure from 2011 to 2017.
In 2016, Ayotte fought to get Congress to permanently extend the low-income housing tax credit program so builders could be sure the tax break would be there.
She co-wrote legislation to make it easier for that program to create and protect more than 1.3 million homes over the next decade.
Ayotte said another focus of hers was making the Department of Housing and Urban Development live up to its mission. In 2015, Ayotte called on HUD to move out more than 25,000 families who were allowed to stay in units despite earning well over allowed income limits.
She supported the Housing Opportunity through Modernization Act and HOME Investment Partnership programs, which made it easier for condo mortgages to be insured by the Federal Housing Administration and provided grants to states and communities to meet their affordable housing needs.
Ayotte co-sponsored a 2016 law that protected financing for manufactured housing. She helped secure $1.5 million for the New Hampshire Community Loan Fund, which it used a few years ago to help residents of the Windsor Park Estates in Colebrook form a cooperative and buy their park.
“As governor I certainly would bring to this issue not only my experience as a U.S. senator but also my experience in the private sector. I can bring everyone to the table, which is something we need to do if we’re going to tackle this problem in a comprehensive way,” Ayotte said.
“Local decision making is a very important part of the New Hampshire way, and I don’t want the state telling the locals what to do. There is a state role to play, being a helpful partner, and I’m committed to doing that.”
And here is the fluffy, worthless corporate-speak with which the Governor explained her veto of HB396.
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