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]