Web Editors' Choice 2013

By The Editors - 2013-12-24T19:48:39Z

Photograph by Bloomberg

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Send Your Rent Check to Wall Street

As Blackstone Group LP and other big Wall Street players bought up rental properties around the U.S., Bloomberg's Heather Perlberg and John Gittelsohn tracked their city-by-city advance. Blackstone bought single-family homes to renovate and rent to the increasing number of Americans locked out of homeownership. In this story they put all the pieces together to explain the unexpected boom that sprang from the wreckage of the housing bust. They take readers from the foreclosure auction at the Gwinnett County courthouse outside of Atlanta, through the working of Blackstone's rental division to the creation of a complex bond that lets Blackstone share the risks with investors.