A federal bankruptcy judge has denied New York City Mayor Zohran Mamdani's bid to intervene in the sale of thousands of rent-stabilized apartments owned by Pinnacle Group, which faces complaints from tenants about poor maintenance.
• Tenants expressed concerns over Pinnacle Group's lack of upkeep and the potential issues with the prospective buyer, Summit Properties USA.
• The city's argument for intervention was based on its status as a creditor owed over $12 million by Pinnacle.
• Judge David Jones's ruling is a setback for Mayor Mamdani’s housing policy initiatives.
• The city is exploring further options despite the judge's decision, and the sale might be approved soon.
• Recent controversies surrounding Cea Weaver's comments on homeownership and systemic inequalities have also affected the mayor's housing agenda.
• Pinnacle Group, owned by billionaire Joel Wiener, has approximately 9,000 apartments across the city, with a pending $450 million bid from Summit for several properties.
• The Union of Pinnacle Tenants claims the landlord has neglected maintenance and they fear the next owner will not improve conditions.
The ongoing situation highlights the challenges of affordable housing in New York City amid legal and social debates over rent stabilization and tenant rights.
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