One of the mysteries of the recent credit boom was the way very smart people made decisions that they now regret. Hugh Kelly and I in our latest podcast  agreed that “you do the math” simply wasn’t enough. Knowledge of rent regulation intentions was imperative.
Rental office site for Stuyvesant Town/Peter Cooper Village 
One of the largest examples of the credit disconnect and the moment I realized the credit bubble had peaked was the moment I heard that the price paid for Stuyvesant Town/Peter Cooper Village  was $5.4B a few years ago.
A recent ruling on rents  may have been the last straw.
My commercial partner John Cicero in our Miller Cicero  commercial valuation concern lays this out plain as day in his Commercial Grade blog  extolling the virtues of an excellent white paper  by Barbara Byrne Denham, Chief Economist of Eastern Consolidated Properties.
Here’s a great blog  on the building complex.