In California’s fight over Proposition 10, it’s Wall Street versus the working class.
"Every month, tenants in more than 14,000 California rental properties fork over huge portions of their paychecks to Blackstone, a Wall Street asset-management company that’s notoriously reluctant to perform maintenance duties. This year, Blackstone has been throwing millions of dollars of that money into the fight against Proposition 10, a ballot measure that would pave the way for rent control across the state.
Or to put it another way: a massive corporation is using working people as ATMs, and then leveraging the money it extracts from them to purchase political influence, thus protecting its ability to continue wringing renters dry — all while rents skyrocket, the eviction and homelessness crises worsen, and the average working-class Californian’s standard of living plummets."
Click here to read more of Meagan Day's article.
y311ow // flickr