[T]he letter contains numerous false claims, significant factual errors and inaccurate conclusions. We are surprised and disappointed that you would send a communication without verifying your assertions and providing appropriate context. You asserted that Blackstone’s investments in residential housing have had a “deleterious effect” on tenants in the United States and Europe and that Blackstone is undermining laws and policies that would improve access to housing. Nothing could be further from the truth. In fact, we share your concern about the chronic undersupply of housing in major metropolitan centers around the world, and are proud that Blackstone has contributed to the availability of well managed rental housing by bringing significant capital and expertise to the sector.

... Blackstone has been part of the solution in helping to address the undersupply of housing by bringing capital, expertise and professional management to the residential housing sector - we are in fact increasing rental housing supply and providing the highest standard of service to our residents... Your letter contains a number of inaccurate statements... The notion that the growth in institutionally owned single family home rental costs is outpacing the market is not supported by economic theory... Blackstone has brought capital and expertise to the rental housing sector, however, any expert will confirm that we did not make it an asset class for the first time. As noted above, investments in rental housing are absolutely critical to address the chronic undersupply of residential rental accommodations in major cities throughout the world - the answer to affordability is to increase the supply of housing.