Property investors borrowed record sums at historically low rates. Now, as the bill comes due and interest rates rise, “the chickens are coming home to roost.”
The mayor fired corporate leaders from a city fund’s advisory board in the latest sign that he is changing the way such power brokers access City Hall.
Renting a glitzy Manhattan apartment for half the market rate while raking in a six-figure salary is urban legend for most New Yorkers. But it is reality for a small class of renters, thanks to the city’s rent-stabilization law.
