Why Are There 1 Percenters Living in Your Co-op's Rent-Stabilized Units?

May 14, 2014 — Co-op boards in buildings still containing grandfathered rent-stabilized tenants, take note: On the heels of Mayor Bill de Blasio's new housing plan for New York City, DNAinfo has an enraging report about the tens of thousands of rent-stabilized apartments that are actually occupied not by middle- and lower-class tenants but rather by such big earners as a former Philip Morris executive and an oral surgeon at New York Presbyterian. The fact that they can exploit legal loopholes is leading to serious debate about the City's deregulation laws and how this will affect the Mayor's housing initiative.