Child Death Sparks Reconsideration of Private Equity–Owned Affordable Housing

Two-year-old Praise Lemons died after a fire at an apartment complex in Pittsburgh killed her.

The cause of the fire is still unknown, as investigators are still studying it.

A week after the fire, CBS Pittsburgh discovered that Vitus , a major private equity group, owned the building.

Nationwide, private equity firms own at least 1.6 million rental units according to an analysis conducted by Americans for Financial Reform in 2022 .

KKR announced that it would spend $2.1 billion to acquire 5,200 apartment units in October .

Senators Elizabeth Warren , Raphael Warnock , Ron Wyden , and Peter Welch protested the move.

Under the Trump administration, the role of private equity as landlords is likely to increase.