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- Conor Dougherty is an economics reporter at The New York Times. He previously spent a decade in New York covering housing and the economy for The Wall Street Journal. He grew up in the Bay Area and lives with his family in Oakland.
- The following is an excerpt from his new book, "GOLDEN GATES: Fighting for Housing in America."
- In it, he tells the story of Sister Christina, a nun who runs the Catholic nonprofit St. Francis Center and presides over a portfolio of 10 buildings with 87 apartments.
- Sister Christina purchases buildings with money from foundations, corporations, and other sources, and then deed restricts them as affordable forever.
- In this instance, the building right across the street from St. Francis was being sold — and Sister Christina was eventually able to buy it.
- Visit Business Insider's homepage for more stories.
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. Francis Center, which sat in North Fair Oaks, an unincorporated piece of San Mateo County just a few miles from Facebook's headquarters.
The call was from a man who worked for a Los Angeles private equity firm called Trion Properties. He said his company had just bought the building across the street from her — a 48-unit apartment complex called the Buckingham Apartments. It was one of the largest buildings in the vicinity and home to dozens of low-income Latino families who depended on St. Francis's food pantry, clothing donations, and immigration counseling, and sent their kids to an adjoining school. See the rest of the story at Business Insider
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