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Rent Freeze Drives Capital Out of NYC | Real Estate News
Pembrook Capital Management is pulling back from New York City’s affordable housing market, citing rent freezes and the Housing Stability Act as crippling forces that have slashed their business by 60% — a “tragic situation” according to CEO Stuart Boesky. With lenders exiting, development costs soar — one NYC project hit $900K per unit — while cheaper alternatives bloom elsewhere. Boesky argues rent caps stifle income, trigger defaults, and degrade housing quality, often benefiting middle-income tenants over true low-income residents. As capital flees, city officials leverage Article Eleven…
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