A federal judge just handed a major legal defeat to New York City Mayor Zohran Mamdani in his effort to interfere in the sale of thousands of rent-stabilized rental properties in the Big Apple. Mamdani, who is only a few weeks into his role as mayor, attempted to pump the brakes on the sale of the properties after tenants issued complaints about Pinnacle Group, the seller of the properties, alleging that they poorly maintained the properties.
The tenants also shared concerns that the new prospective buyer, Summit Properties USA, would engage in the same kind of behavior. Mamdani’s basis for running interference was that the city of New York was a creditor to Pinnacle. The company allegedly owes the city $12 million in unpaid fines. However, Bankruptcy Judge David Jones shot down the new administration’s effort.
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