Listened to a NYC real estate program on Bloomberg Radio

[Bubble-T]

The banks that invest in the real estate markets are complaining that they are "losing money on old buildings that require high maintenance costs." Due to the rent stabilization ,rent control legislation with rising costs to maintain these old buildings --
they argue that they can't afford to keep these buildings below 96th st. which is the highest rent potential.

They hope they can sell these old buildings to developers who can tear them down and build NEW buildings.

I'm concerned.  Maybe  there is a podcast of the discussion.  No mention AT ALL about the people who can't afford to live anywhere else.

[TenantNet]

Who do you think Bloomberg represents? They want you to think all these apartment need $100,000 upgrades (and therefore able to generate higher rents). It has nothing to do with 96th Street (although at one point, that was a dividing line in requirements for the 421a tax abatement. That would be for new buildings. For older buildings, it's predatory equity.