“A tragic situation”: Housing lender pulling back from NYC

At first blush, Mayor Zohran Mamdani might not care that Pembrook Capital Management began shunning New York City deals. The Midtown firm is not one of the nonprofit “stewards” that Mamdani wants to take over buildings. But he should care. Affordable housing does not happen without for-profit firms like Pembrook. “We, like everyone else in the affordable housing lending industry, are pulling back drastically in New York City,” Pembrook CEO Stuart Boesky said in an interview. “It’s a tragic situation.” He estimated that before the state’s Housing Stability and Tenant Protection Act, 40 percent of Pembrook’s activity was in the […]

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