How did Schwarzman afford to fete himself in this way, welcoming celebrities to his home and building literal temples to celebrate himself? In part, the answer lies in housing. Over the past fifteen years, private equity firms like Schwarzman’s have helped to lead what one commentator called “the biggest land grab since the Manifest Destiny.”8 In 2011, no landlord in America owned more than a thousand single-family home rental properties.9 By 2013, Schwarzman’s firm, Blackstone, bought more than that in a single day, at a cost of over $100 million. One of Blackstone’s companies, Invitation Homes, became the largest renter of single-family homes in America.10 More generally, in just two years, private equity firms and hedge funds bought about 350,000 bank-owned homes11 and, with the industry’s help, between 2006 and 2017, 5.4 million single-family homes transitioned from owner occupied to rentals.12 Now, nearly a third of all rentals in the United States are single-family homes.13 These statistics help to explain how Schwarzman was able to celebrate himself as he did. And they help to explain how the very nature of homeownership in America is changing, and how private equity has helped to lead the way.