Titans of Real Estate in 'Shock' Over New York Rent Law Deal

[Eugene]

Source: New York Times

Titans of Real Estate in ‘Shock’ Over New York Rent Law Deal

By J. David Goodman, Vivian Wang and Luis Ferré-Sadurní
June 12, 2019

Less than a day after newly emboldened Democratic lawmakers announced bills that would significantly tighten tenant protections, prominent real estate developers got Gov. Andrew M. Cuomo on the phone to make a last-ditch plea to persuade him to block the measures.

The developers, including Douglas Durst, Richard LeFrak and William C. Rudin, are involved with some of the most iconic buildings on the New York City skyline, including One World Trade Center and 3 Times Square, and have long wielded major influence in Albany.

They and their counterparts in the real estate industry have donated millions of dollars in campaign contributions to Mr. Cuomo and other state politicians in recent decades.

But on Wednesday, Mr. Cuomo rebuffed the developers, telling them that “they should call their legislators if they want to do something about it,” said a person briefed on the call, which lasted about 15 minutes.

-snip-

Read more: https://www.nytimes.com/2019/06/12/nyregion/landlord-rent-protection-regulation.html

[Farmer-Rick]

1. Well duh, capitalism involves the buying off of political representatives

It's the only way capitalism works. Without the rich capitalist kings buying off the politicians, the kings couldn't get what they want. Without the constant pressure from the excessively greedy, capitalism would fade away into the dust heap of history to join slavery and feudalism as failed economic systems.

So the handful of lucky winners of capitalism (Most of which were born into wealth and privilege, are psychopaths and never pay taxes.) of course get upset and whine if you regulate them. The NYT is just declaring water is wet.

[sandensea]

2. "I'm in shock!" says the slumlord lobbyist.

Tell that to the people going through the pain of carting their belongings out of their own apartments, through no fault of their own, because some billionaire landlord thought it might be fun to double their rent.

Thank you for posting this, Eugene. Rent gouging is a crucial, longstanding but underreported issue.