Blackstone Inc. — a prominent New York-based private equity firm once accused by the U.N. (in 2019) of helping to fuel the global housing crisis — has announced that it will be opening a new office in Toronto to expand its Canadian real estate footprint.

This is proving to be of some concern to those familiar with the investment company's history of making rich people even richer through various means, including indirectly funding the deforestation of the Amazon rainforest.

"Blackstone today announced that it is establishing a Blackstone Real Estate office in Toronto and the appointment of Janice Lin as head of its Real Estate business in Canada," reads a release issued by the company on Monday, referencing the senior housing operator Revera's former Chief Investment Officer.

"Blackstone has long had a significant presence in Canada across its businesses, including CAD $14 billion of real estate assets totaling approximately 450 properties – consisting primarily of logistics. Blackstone's portfolio companies across the firm employ more than 3,550 people in Canada."

While Blackstone portfolio companies do exist in our home and native land — including the contentious rental company Tricon — this will be Blackstone's first official real estate office in Canada.