Stricter rent control policy is erasing a reported $75 billion in property value across New York City. Lazer Sternhell, CEO of Cignature Realty Associates Inc., says that “a lot of owners…want to walk away from buildings” altogether because of this significant loss. Lewis Barbanel of Barberry Rose Management Inc. notes that rent regulation is only worsening housing shortages by discouraging renovation and construction. His company sold 21 rent-stabilized buildings last year at a loss. — Bloomberg
