Private Equity's Impact on Connecticut's Essential Services

0:00It's April 23rd. This is Hartford News today, powered by AI. I'm Cory with the story. Private equity firms are taking over key sectors in Connecticut, like hospitals, nursing homes, and housing, often using a by-strip and flip tactic that drains assets and slashes staff hurting everyday folks who rely on these services. Earlier this week, the state senate passed a bill by a vote of 27-9, banning hospitals from sale lease backdeals where they sell there. Property and rented back at high costs, plus requiring yearly checks to ensure no private equity control. Meanwhile, take prospect medical holdings, which stripped $457 million from hospitals like Waterbury and Manchester. Memorial through real estate sales, leading to understaffing, patient risks, and their bankruptcy filing this January, nurses and residents are speaking out about the fallout bed linens changed only every third day, broken wrists, and deep bed sores in nursing homes.

1:03From low staff and apartments with growing mushrooms from ignored leaks, forcing hundreds out in Rocky Hill. Lawmakers like Senate President Pro Tem Martin Looney are pushing broader limits on private equity in childcare, special ed, and more with new bills. For nursing home investor disclosures and a 75-day wait to buy family homes, all to prioritize people over pure profit.