Google co-founder Sergey Brin has been consistent with his warnings about the move toward socialism in blue states across the country.
In April, he warned that California is a prime example of the radical move, as he escalated his opposition to a proposed tax on billionaires.
According to The New York Times, Brin has spent about $57 million in recent months backing efforts to defeat the measure, which would impose a one-time five percent tax on billionaires.
“I fled socialism with my family in 1979 and know the devastating, oppressive society it created in the Soviet Union,” Brin said in a statement.
Now, reports claim that Brin is pulling out of his investments in New York City as Mayor Mamdani and his socialist posse continue to increase their power.
According to The New York Post, Brin is reportedly among the many New York City landlords who would rather dump their real estate “for pennies on the dollar” rather than be subject to capitalism-hating Mamdan’s socialist whims.
One concern for investors is the rent freeze he pushed and achieved. The freeze impacts rents for rent-stabilized apartments via the Rent Guidelines Board, to which he appointed some of his cronies.
The freeze applies to one and two-year leases to “provide relief for tenants amid high living costs,” but does nothing for landlords, especially small ones, who are facing rising expenses like insurance, utilities, property taxes, and maintenance.
Amphitheatre LLC, an investment firm affiliated with Brin, last year sold shares in a New York real estate fund that holds nearly 5,900 units back to its manager, A&E Real Estate, according to documents filed in December and earlier reported by Bloomberg.
It is unclear how much Brin invested with A&E — which Mamdani called out earlier this year — or how much the group paid to buy it back, though the gross value of his stake in the properties was roughly $79 million, according to records.
Although A&E confirmed it bought out a long-term investor, it did not confirm that it was Brin.
“The simple and deeply troubling fact for renters is that institutional capital – both equity investors and lenders – are fleeing New York City’s rent stabilized apartment sector,” an A&E spokesperson told The Post.
“They understand New York is in a doom loop created in large part by the 2019 Albany rent laws, which handcuff owners’ ability to recoup costs for necessary capital repairs and improvements, coupled with rapidly rising operating expenses and a hostile political establishment determined to freeze the rents no matter the real-life implications for residents,” the spokesperson added.
“Absent changes, the city’s working class housing stock will continue to steadily decline.”
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