Va Gov Race, GOP Youngkin's Carlyle Group Ruined Mobile Homes, Last Afford. Retirement Option, More [View all]

[appalachiablue]

- Terry McAuliffe, L; Glenn Youngkin, R
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- Daily Kos, Oct. 13, 2021. Mobile Homes Were Last Affordable Retirement Option; Glenn Youngkin's Company Helped Ruin That. - Ed. - Repub. Youngkin is running against Dem. Terry McAuliffe, former Va. governor.

Glenn Youngkin is a Trumpkin, a by the numbers corporatist fundie who parades across Virginia as if he is some kind of angel when the reality is he was CEO of a company that led the trend to destroy affordable retirements for fixed-income seniors. Retirement villages in Florida and the Southwest provide a reasonably decent quality of living at an affordable cost of living for retirees, as not everyone can afford The Villages.

-- Newly retired, Judy Pavlick was among hundreds of seniors who enjoyed the low cost-of-living and friendly atmosphere at Plaza Del Rey, a sprawling mobile home park in Sunnyvale, Ca. Then the Carlyle Group acquired the property and things began to change. Pavlick’s rent surged by more than 7%. Additional increases followed. She said the unexpected jump forced her & her neighbors, many on fixed incomes & unable to relocate, to sometimes choose between food & medicine. --

The 2015 acquisition and subsequent sale of Pavlick’s mobile home park is a core business practice for private equity firms such as Carlyle, which buy and restructure private companies to build value for their investors, sometimes cutting jobs and services in the process. The Carlyle Group, of which Youngkin served as CEO from 2010-2020, is another one of those parasitic blood sucking private equity groups that buy as much as they can in an effort to create virtual monopolies and control the economy.

Youngkin himself is said to be worth over $300 Mill. I wonder how many seniors had to go homeless to get him there.

Beyond mobile home parks, Youngkin helped Carlyle make money for investors by targeting nursing homes, auto parts manufacturers, energy companies and even a business that produces “less-lethal” weapons used by governments that have cracked down on democracy advocates. More than 1,000 jobs were moved offshore in recent years as companies were restructured. Hundreds more were laid off after Carlyle instituted a series of cost-cutting measures at a nationwide nursing home chain; complaints of deteriorating service & neglect followed. Four years after buying Plaza Del Rey, Carlyle would sell it for $237 Mill, netting $85 Mill in gross profits, accelerating a trend in the increase of rents & fees and the squeezing of retirees with limited incomes.

This “manufactured housing” investment trend is a favorite among private equity groups who recognized the investment potential, & is a clear indication that one of the biggest problems we have in this country is allowing companies to get too big, because when they do they simply purchase laws & deregulation...

- Read More + Comments,
https://www.dailykos.com/stories/2021/10/13/2057410/-Mobile-Homes-Were-Last-Affordable-Retirement-Option-Glenn-Youngkin-s-Company-Helped-Ruined-That

- "Because the need for a handful of people to make a lot of money is more important than the right of hundreds of millions to be alive let alone content. We live in a sick moneygrubbing society."
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- Glenn Youngkin, https://en.wikipedia.org/wiki/Glenn_Youngkin

- Terrry McAuliffe, https://en.wikipedia.org/wiki/Terry_McAuliffe