The story of how a nun played private equity's game and created affordable housing in the Bay Area (by ConorDougherty)
Conor Dougherty
In this instance, the building right across the street from St. Francis was being sold — and Sister Christina was eventually able to buy it.Sister Christina was sitting at her desk, next to a bookcase decorated with pictures of smiling children and a woodcut that read "Peace," when a call from private equity intruded in her life. Sister Christina Heltsley was a nun who ran a Catholic nonprofit called the St.
Sister Christina's office was still across the street, so she watched the daily renovations and from her window could see displaced tenants carry their belongings out of their apartments. To the eyes of an investor, things that looked better were better. Sister Christina did not see the same things they did. She saw lipstick on an ugly process and a violation of the "moral mortgage" that comes with owning someone else's home.
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