Sununu Campaign Funded by Private Equity Amid Housing Crisis Concerns

Sununu Gains Significant Financial Support from Private Equity Figures Amid Housing Concerns

John Sununu, the former senator, has embarked on a comeback campaign that has seen contributions totaling $72,000 from private equity executives. These executives are associated with the ongoing housing affordability challenges in New Hampshire.

The state’s housing market has been experiencing persistent issues of high prices and limited availability, as highlighted in a recent analysis. This trend is notably evident in the rental and mobile home sectors, both of which have become focal points for private equity investments.

These private equity firms, often referred to as commercial landlords, have capitalized on these properties to generate substantial profits by raising rents beyond market rates.

This year, Sununu’s campaign received $48,000 from executives at Blackstone, the largest commercial landlord in the nation, and an additional $24,000 from Apollo Global Management CEO Marc Rowan and his wife.

In New Hampshire, private equity investors own at least 16 mobile home parks, which encompass approximately 3,713 homes. Residents in a Northwood park report a near 60% rent increase since a commercial landlord acquired the property in 2021.

Blackstone’s ownership in New Hampshire extends to three properties, including a Nashua housing complex, Durham apartment cluster, and a student housing facility in Lebanon. Reviews on Yelp have raised concerns about rodent issues and management’s responsiveness, particularly at the Durham location.

Should Sununu be elected to the Senate, he may play a role in future legislation affecting private equity’s involvement in housing. The Senate recently passed a bipartisan bill aimed at regulating such practices, with a similar measure passed in the House. However, discrepancies between the bills remain unresolved, hinting at potential future votes.

Sununu’s previous tenure in the Senate spanned from 2003 to 2009, after which he joined Akin Gump, a lobbying firm representing Blackstone and Apollo Global Management. In 2014, he became a board member of TAP Advisors, which has also advised Blackstone.

The Republican primary on September 8 will see Sununu facing former Massachusetts Sen. Scott Brown. The anticipated Democratic contender is Rep. Chris Pappas, a supporter of the House’s bill to limit private equity’s housing strategies.