Undermining NYC's Middle Class

At the height of the real estate bubble, a year or so before the shit hit the fan, the giant NYC apartment complexes Peter Cooper Village and Stuyvesant Town were sold for a large fortune to Tischman-Speyer and BlackRockRealty. I was semi-enraged because of the prospect of soaring rents in these solidly middle-class, rent-stabilized apartments.

And guess what? The bubble burst and the partners are about to default on their loans.