New York Attorney General Letitia James today announced a settlement with Ink Property Group LLC (Ink) for violating rent stabilization laws and illegally harassing tenants. Ink — managed by Eden Ashourzadeh, Alex Kahen, and then-Public Advocate James’ 2016 Worst Landlords List offender Robert Kaydanian — bought dozens of rent-stabilized buildings in low-income communities of color with the intention of illegally deregulating affordable housing for profit. Through a variety of illegal activities, Ink forced out rent-stabilized tenants so their units could be offered at market rate. Ink also intentionally submitted false documents to financial institutions, lying about rents and occupancy to obtain loans. As part of the settlement, Ink will pay up to $1.75 million to preserve affordable housing, and over $400,000 in restitution to tenants. Ink will also bring at least 28 apartments that were illegally deregulated back into rent stabilization, making them permanently affordable. Ink is also required to install a monitor and external property management company to ensure compliance with rent stabilization laws and manage their buildings, which will be overseen by the Office of the Attorney General (OAG). --72.231.xxx.xx

Rent controlled jurisdictions tenants pay above market rents to begin with as the rules of supply and demand determine the rent level where in rent controlled jurisdictions rent is always higher. Check the government housing authority rental units where here they are exempt from rent control as one time at the residential tenancy commission a tenants was getting a 45 per cent increase. They demonize rental housing providers while at the same time the standard of maintenance in government owned buildings is a lot lower the private sector. Government intervention causes rents to go higher than market as costs rise dramatically where those costs have to passed onto tenants in higher rents. Unless wage and price controls like in 1933 where striken is verbotten where not showing up for work is 21 days in the concentration camp. Told a teacher that everyone needs to be under wage and price controls where not showing up work would resolve those issues. Governments announce they are doing great things for tenants when in fact things are much worse. In a five per cent vacancy rate no rental housing provider would raise rents 45 per cent as the building would become vacanct over a month. --68.69.xxx.xxx