Cycle Trading

[Duma]

Wow, this is scary.

“A lot of owners I’m speaking with want to walk away from buildings,” Lazer Sternhell, chief executive officer of Cignature Realty told Bloomberg. Douglas Peterson, who bought more than forty properties for $300 million over twenty years, is behind on his mortgage payments and fresh out of money for repairs.

“In one of the strange twists of rent regulation that worry economists, [Douglas] Peterson is among the landlords leaving apartments empty because it doesn’t make sense to repair and rent them out at current rates. Thousands of apartments are vacant, according to government and industry estimates.”

https://www.zerohedge.com/political/folly-rent-control-new-york-city-again