Reader Report: Big Time Landlords Smoking a Lot of Crack in 2006

We love to get tips and comments from all y’all, so keep sending them either to thefrontsteps@gmail.com or use the contact form This from “44yo hipster”:

Apparently some big time landlords were smoking a lot of crack in 2006. Apparently these NY landlords didn’t get the memo that rent control is real, and unfortunately, one cannot just wish it away. I wonder if the Lembi’s were also this dumb, given their buying binge of apartment buildings in San Francisco? Peace out.

-Fear of Defaults After a Flurry of Apartment House Sales [New York Times]

-Lembi Juggernaut Selling Units? [theFrontSteps]

2 thoughts on “Reader Report: Big Time Landlords Smoking a Lot of Crack in 2006”

  1. I read that article. What was interesting is back in credit bubble days you could buy an apartment building based on what the rent would be after you had kicked out all of the rent controlled tenants; as opposed to what the current rent is. Bet you can’t do that any more!

  2. yes indeed. so technically, i guess it was the lenders who were overdosing on crack in 2006, cause that has got to be one of the dumbest suppositions i have ever heard! but again, the lenders being able to slice/repackage the loans and sell them on wall st. was a pretty brilliant (for them, that is) but ultimately sick idea. okay, as mujch as i hate to admit it, capitalism does have its faults.

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