"Bankruptcy isn't a dirty word." Shaun Riney and I recently sat down with Leo Jacobs - restructuring attorney, business litigation expert, self-described Winston Churchill of real estate, and one of the most interesting people we've had on this show. Leo represents some of the biggest landlords in New York City and has been at the center of many of the highest-profile distressed situations playing out right now. We recorded on the eve of the Pinnacle portfolio bankruptcy auction 5,500 rent-regulated units, the first of what Leo believes will be many.…

I recently put out a poll on LinkedIn with intentional ambiguity. The question was the following: Which building in NYC would you rather purchase? 100% rent stabilized building FM – but incomplete IAI docs 59% of voters would rather purchase a 100% rent stabilized building over a building with incomplete IAI (individual apartment improvement) documentation. Fascinating! It Depends The third choice of: “it depends” was intentionally omitted to spark conversation and thought. Allow me to explain why nuance is important. Rent Stabilized Nuances To Consider: How are collections? Condition: what…

To: Mamdani Transition & Housing Policy Team From: Seth Glasser and Shaun Riney, On Behalf Of Underserved Tenants Re: A Pragmatic Framework to Stabilize Housing, Protect Tenants, and Restore Supply Date: January 12, 2026 _________________________________________________________ Executive Summary New York City’s rental housing system is currently defined by conflict, distrust, and policy gridlock. The result has been predictable: deteriorating buildings, warehoused apartments, rising market rents, and growing pressure on tenants and housing providers alike. The Housing Stability and Tenant Protection Act of 2019 (HSTPA) was passed with the intent of protecting…