It’s a dark story becoming well known across America: corporate groups (in this case, Blackstone Group) are purchasing affordable houses and driving up rental prices.

A new report from the Blackstone Tenants Union tells the tale of how that scenario is playing out in San Diego, which is already facing a housing and homelessness crisis.

According to the report, Blackstone Group has purchased thousands of affordable housing units in San Diego, raising rent in some units between 43%-64% in just two years.

It’s an unsustainable situation, but the corporation doesn’t care.

Imperial Beach mayor, Paloma Aguirre, showed support for tenants, saying in a statement, “I’m committed to sending a letter to Blackstone because I don’t know … in what world does it make sense for somebody to make $1.3 billion a year on the backs of working-class people?”

Blackstone told NBC7 in a statement regarding the report, “The report and statements are riddled with inaccuracies and mischaracterizations. We believe we have the most favorable resident policies among any large landlord in the U.S., including not making a single non-payment eviction for over two years during COVID. We operate in accordance with California’s rent stabilization laws and are investing $100 million to make these communities better places to live.”