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Part Two: Sam Zell: the Elon Musk of Real Estate

Behind the Bastards

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Rent Control in New York City

At present around 45,000 tenants in the city began their who began their leases before 1971 have rent control departments. Some of these people are like children or even grandchildren of their people who started the lease because you can pass it on that way. Many of these folks pay rents that are thousands of dollars a month underneath the present market rate. It's allowed for some peculiar situations where people will have apartments the size of small palaces for what amounts to peanuts by modern standards. In 2002, a New York landlord named Lewis Hubert grew enraged after trying to bribe and cajole his tenants to leave. He was convicted of murder and sent to prison for the rest of his life.

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