The Blackstone Group is the largest private owner of rent-stabilized apartments in New York City, not small mom and pop landlords.
Valued at $137 billion (not including the $1.3 trillion in assets they control), Blackstone is headed by Stephen A. Schwarzman, whose total yearly compensation exceeds $1 billion.
The idea of the "mom and pop" landlord being priced out of business because of a rent freeze is a myth. Small independent landlords (owning 10 or fewer units) make up only 1.2% of the ownership of rent-stabilized units. Meanwhile large corporations own 87% of those units, with mega corporations like Blackstone Group (owning 1000 or more units) controlling 56% of the market.
Mega corporations like Blackstone are pushing the myth of the small independent landlord to hide the fact that they and other mega corporations control the vast majority of NYC rentals.
And honestly, fuck them.
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