In One Ear: Millionaire prince
A glimpse of the man's character shows in a story in the Feb. 23, 1890, edition of The Daily Morning Astorian: ' ... Several years ago a distinguished Astoria clergyman, on a visit to New York, called upon the millionaire, told him of the city by the sea founded by his grandfather of precisely the same name as himself. He suggested (Astor) fund or endow an institution of learning in the city that will perpetuate the name and fame of the Astors, when their scattered millions will have been forgotten.
'The millionaire looked coldly contemptuous at the reverend gentleman when he had concluded his kindly plea, and told him he would give him an order on his cashier for $100 (about $3,500 today). The Astorian disclaimed any desire to pecuniarily embarrass the munificent patron by the acceptance of so princely a sum and bowed himself out.
'The millionaire lies dead in his marble palace this morning, and his millions lie idly in the massive vaults, as cold as the clay that so lately clung to them.'
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New York Times
14-08-2025
- New York Times
How Cuomo Wants to Limit Who Gets to Live in Rent-Stabilized Units
Former Gov. Andrew M. Cuomo, seeking to gain ground in the New York City mayor's race, this week took aim at his main rival by proposing a law to reserve coveted rent-stabilized apartments for people of lesser means. The proposal is an attempt to seize momentum on one of the campaign's top issues — the housing crisis — and could affect nearly one million homes, or about 40 percent of the city's rental market. It's also part of a continuing attack on the front-runner in the race, Assemblyman Zohran Mamdani, who pays $2,300 a month for a rent-stabilized one-bedroom apartment in Astoria, Queens. Mr. Cuomo has said that Mr. Mamdani, who earns $142,000 a year as a lawmaker, should give up his apartment so a homeless family can move in. Mr. Mamdani has said Mr. Cuomo is being petty and vindictive. City officials and housing experts have long debated how to make sure lower-cost housing goes to people who might need it the most. But Mr. Cuomo's proposal, which he is calling 'Zohran's Law,' prompted fierce criticism from renters' groups and skepticism from advocates for landlords and even some of the former governor's onetime allies. Here's what to know. How would the law work? Mr. Cuomo's proposal would allow people to move into rent-stabilized apartments only if they would be spending at least 30 percent of their earnings on rent. Want all of The Times? Subscribe.
Yahoo
14-08-2025
- Yahoo
St. Regis Hotels & Resorts and Vilebrequin's Exclusive Capsule Collection and Unforgettable Experiences Make Their Greater China Debut This Summer
Elevated getaway with a limited-edition collection of swimwear, accessories, and activities inspired and brought to life by the signature Family Traditions of St. Regis. SHANGHAI, Aug. 14, 2025 /PRNewswire/ -- St. Regis Hotels & Resorts, synonymous with the world's most coveted destinations, and Vilebrequin, icon of French Riviera style, recently debuted a limited-edition capsule collection of swimwear, accessories, and games. This summer, the collaboration arrives at select St. Regis properties in Greater China, powered by the St. Regis Family Traditions Program rooted in the spirited legacy of the Astor. Captivating guests of every generation, from the youngest on the family tree to the seasoned traveler, the partnership embodies what it means to truly Live Exquisite: from urban escapades to seaside adventures. With thoughtful touches like playful prints of resort vacation scenes, adventure-ready accessories, and timeless pieces in classic cabana stripes, it's a celebration of family travel at its most joyful. "The St. Regis legacy is built on the spirit of connection and cherished family moments, a tradition we are proud to continue here in Greater China," said Bart Buiring, Managing Director, Luxury, Greater China, Marriott International. "Together with Vilebrequin, we are delighted to bring a refined yet playful experience to our guests in Hong Kong and Sanya. This collaboration not only elevates our Family Traditions program, but also creates memorable opportunities for families to gather and celebrate the joy of summer in two of the region's most exceptional destinations." Following the beloved 2023 limited edition collaboration, this 2025 global iteration introduces a new pack of coastal essentials celebrating St. Regis Resorts the world-over, including boys' and girls' swimsuits, men's swim trunks, women's pareos, and a curated selection of beach games and accessories. Each piece is crafted in exclusive, custom-designed patterns and brought to life through one-of-a-kind illustrations and a new co-branded logo. The designs draw inspiration from the spirit of travel and timeless resort memories, featuring "Family Traditions," a nostalgic print celebrating cherished moments from St. Regis Resorts around the world. "Family Stripes" is rendered in King Cole Red, a bespoke hue inspired by the iconic King Cole Bar at The St. Regis New York, birthplace of the legendary Bloody Mary. 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Through this collaboration with Vilebrequin, for a limited-time, guests booking the The Ultimate Family Staycation can enjoy exclusive poolside experiences with co-branded amenities, poolside dining, a curated in-room summer welcome amenity, complimentary rollaway bed, and an in-room kid's tent. The partnership also shines through the hotel's signature Afternoon Tea, where the Vilebrequin collection's vibrant color palette is reflected in a curated selection of 16 pastries, including the Pistachio Cannele, Hojicha Madeleine, Citrus Tart and Smoked Salmon Sphere – a treat to both the eyes and palate. Available until September 30, The Ultimate Family Staycation is priced from HKD $4,200* and can be booked via this booking link or call +852 2138 6888. Afternoon Tea is available until October 5 between 2:30 and 5:30pm, and is priced at HKD $478* per person and HKD $888 for two. 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Available from August 25 to December 20, the Family Tradition Package is priced at RMB 19,498* and can be booked by calling +86 0898 8855 5555. The exclusive experiences at The St. Regis Hong Kong and The St. Regis Sanya Yalong Bay Resort complement collaborative activations at other St. Regis locations worldwide. Along the Indian Ocean, The St. Regis Bali and The St. Regis Langkawi offer tropical serenity, while The St. Regis Mallorca and The St. Regis Tamuda Bay bring coastal charm to the Mediterranean. In the Caribbean, The St. Regis Cap Cana delivers island luxury, and in the Middle East, The St. Regis Abu Dhabi, Corniche and The St. Regis Al Mouj Muscat Resort showcase modern glamour by the Gulf. The Vilebrequin for St. Regis capsule collection will also be available at select Vilebrequin flagship stores worldwide. Premier destinations include New York, Miami, Mexico City, Cannes, London, Hong Kong, Singapore, Shanghai, Riyadh, and Dubai and will also be available for purchase online, exclusively at For guests seeking the ultimate family retreat, St. Regis' collection of suites and multi-bedroom villas across resort destinations offer spacious accommodations, bespoke butler service, and tailored Family Traditions programming for all ages, which can be booked at About St. Regis Hotels & ResortsCombining timeless glamour with a vanguard spirit, St. Regis Hotels & Resorts is committed to delivering exquisite experiences at more than 60 luxury hotels and resorts in the best addresses around the world. Beginning with the debut of The St. Regis Hotel in New York by John Jacob Astor IV at the dawn of the twentieth century, the brand has remained committed to an uncompromising level of bespoke and anticipatory service for all of its guests, delivered flawlessly by the signature St. Regis Butler Service. 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Driven by innovation, Vilebrequin is focused on developing and implementing sustainable solutions, fabrics, and processes that make an impact on vacation, not on the oceans. This commitment is made even stronger by the launch of the new Foundation Vilebrequin for a better marine heritage. Media contact:Patrick FadenDirector, Luxury Brand PR & Communications, Greater China Marriott View original content to download multimedia: SOURCE St. Regis Hotels & Resorts Sign in to access your portfolio
New York Times
12-08-2025
- New York Times
What Is Rent Stabilization, and Why Is It an Issue in the Mayor's Race?
Few things are as coveted in New York City as a rent-stabilized apartment. Getting one can feel like securing a life jacket when surging rents are drowning everyone else. Assemblyman Zohran Mamdani, the Democratic nominee for mayor, has one — a $2,300 one-bedroom in Astoria, Queens, he said. In recent days, one of his rivals, former Gov. Andrew M. Cuomo, has begun attacking him for it. 'Move out immediately and give your affordable housing back to an unhoused family,' Mr. Cuomo wrote on Friday in a social media post, referring to Mr. Mamdani and his wife as 'rich people who don't need it.' On Sunday, the former governor said he would propose a 'Zohran's law' that would shut many higher earners out of rent-stabilized housing. Mr. Mamdani said at a news conference on Tuesday that the proposal showed Mr. Cuomo's 'petty vindictiveness' against him and would end up hurting New Yorkers. Mr. Cuomo's attack and the ensuing bickering reflect a longstanding debate over who should be allowed to benefit from rent stabilization, and highlight some common misconceptions about the program. Almost one million apartments in New York City are rent stabilized — close to half of all rental units — and some two million people live in those homes. While most of those renters don't make as much as Mr. Mamdani, who earns $142,000 as a lawmaker, he is not an outlier: About 16 percent of rent-stabilized households earn at least $150,000, according to an analysis of city data by the Citizens Budget Commission, a nonprofit watchdog. So, what is rent stabilization, and who is it for? Here's what to know. What is rent stabilization? (Hint: It is not rent control.) Rent stabilization and rent control are two similar, but different, things. Both are forms of rent regulation created in the mid-20th century to protect New Yorkers from sharp rent spikes when housing was scarce and landlords wielded a lot of power. The programs, while protecting against eviction, displacement and instability, weren't necessarily about reserving apartments for lower-income people. Rent-controlled apartments have a maximum rent that can be reduced if the landlord doesn't maintain 'essential services' like heat. The state resets the figure every two years. Under rent stabilization, by contrast, a nine-member board appointed by the mayor determines the percentage that rents in stabilized apartments can increase each year. In making its decision, the board considers the financial struggles of renters and how much money landlords need to keep their apartments in good shape. Mr. Mamdani has promised to 'freeze the rent' in stabilized apartments if he is elected. Who came up with these programs? The federal government enacted rent and other price controls during World War II because housing resources were limited and officials were worried about inflation. The state and, eventually, the city kept some form of rent control in place after the war, according to a history compiled by city officials. Since then, the number of rent-controlled apartments has declined to about 24,000 today. Rent stabilization, on the other hand, started in 1969, and was later expanded to generally cover apartments in buildings with at least six units that were built before 1974. The system applies only when the city has a 'housing emergency,' defined as when the vacancy rate is less than 5 percent. (The city has never come out of a housing emergency.) According to the most recent survey, the current vacancy rate is 1.4 percent. Apartments that rent for less than $1,650, the citywide median, have a vacancy rate of just .68 percent. An apartment with that rent would be considered affordable to people earning at least $66,000. The median household income in New York City is about $77,000, according to the Census Bureau. Who lives in rent-stabilized apartments? Many have come to think of rent-stabilized units as an affordable option for lower-income people. The data mostly reflects that. The median household income for rent-stabilized tenants is about $60,000, compared with $90,800 for market-rate households. More than one-quarter of all rent-stabilized households earn less than $25,000 a year. About one in 10 rent-stabilized households earn at least $200,000, according to the Citizens Budget Commission. Mr. Mamdani has said that he found his apartment on StreetEasy when he was earning an annual salary of only $47,000. (Rent-stabilized units mostly have the same application process as market-rate units, and in some cases can be passed to relatives.) Now Mr. Mamdani earns six figures as an assemblyman, and his wife, Rama Duwaji, is an animator and illustrator. On his 2024 financial disclosure form, Mr. Mamdani reported receiving between $1,000 and $5,000 in royalties from music (he was a rapper), and he said he owned four acres in Uganda, valued at between $150,000 and $200,000. (Mr. Cuomo, who has an estimated net worth of some $10 million, according to Forbes, told The New York Times he paid $8,000 in rent for an apartment in Manhattan.) Mr. Mamdani said this week that he planned to move out of his apartment eventually but that he lived 'rent-free' in Mr. Cuomo's head. By design, the rent in stabilized apartments hasn't gone up as fast as it has in market-rate units. The divergence has grown in recent years as the city's severe housing shortage has sent market rents soaring. The median rent in a stabilized unit, according to a 2023 city survey, was about $1,500, compared with about $2,000 for market-rate apartments. More than 45 percent of rent-stabilized households spend over 30 percent of their income on rent, which is known as being 'rent burdened.' That figure is about 40 percent for market-rate rentals. About 29 percent of rent-stabilized tenants are white, compared with 39 percent for market-rate renters. Roughly 44 percent of rent-stabilized tenants were born outside of the United States, compared with 38 percent in market-rate apartments. 'Rent stabilized' doesn't always mean 'cheap.' A property tax break program that many developers used to build new apartments in the city has created a sector of rent-stabilized units that are much more expensive than the typical apartment built before 1974. For example, in 2024, more than 25,000 rent-stabilized apartments were added to the city's housing stock, according to city data. The median rent of those units was $3,105 — more than twice the typical rent-stabilized unit. A portion of the apartments in most big new buildings are set aside for people earning middle-class wages, as a condition of the tax break. Those units are also mostly rent stabilized. Some economists oppose rent stabilization and similar programs because they say they make other apartments more expensive, especially in the long run. According to a city survey, only a quarter of households living in rent-stabilized units moved in 2022, compared with nearly 60 percent in market-rate homes. If rent-stabilized tenants aren't moving as much, that reduces the overall size of the housing market, creating a bigger supply constraint that leads to higher market rents. There has long been debate over who should benefit. The law that Mr. Cuomo is proposing would require people moving into rent-stabilized units to spend at least 30 percent of their earnings on rent. If an apartment rents for $2,500 a month, which is $30,000 for the whole year, the household's income couldn't be more than $100,000, he said. The idea is to prevent people who earn a lot of money — and have a lot of options — from snatching up the few affordable apartments available to people who earn less. Tenant advocates and at least one recent ally of Mr. Cuomo have criticized the proposal. But it reflects a continuing debate over who, during a time of housing scarcity, should benefit from rent stabilization: anyone, including the wealthy, as the system allows today, or only people with the greatest financial need.
