Across the United States, real estate markets are in a recession for dealmakers. The run-up in interest rates over an 18-month period has choked off transactions. Potential buyers and sellers are deadlocked over price. Vulture investors are waiting for owners who paid too much for properties during boom years to be forced to sell. New York City reflects all those trends — only more so. Many investors spent billions of dollars to buy rent-stabilized buildings in the city with plans to eventually raise the rents. But in 2019, lawmakers made …
