Vampire Squid GSachs:Spain housing "under-managed"

By NCD on Fri, 10/24/2014 - 11:19am |

Goldman Sachs (see The Great American Bubble Machine) and Blackstone to the rescue of "undermanaged from a yield perspective" housing built with public funds for the poor/disabled in cash starved Spain:

(Reuters) - Last year Madrid’s city and regional governments sold almost 5,000 rent-controlled flats to private equity investors including Goldman Sachs and Blackstone. At the time, the tenants were told their rental conditions would remain the same....Spain has one of the smallest stocks of social housing in Europe, but as Madrid’s authorities cut their budgets, they have sold what they can at fire-sale prices. For the private equity firms that bought the flats, the deal was good business.

URL:

http://www.reuters.com/article/2014/10/24/us-spain-housing-specialreport-idUSKCN0ID0GP20141024