NEW YORK (VINnews) – Google co-founder Sergey Brin has exited a major New York City multifamily real estate investment, selling his stake in a large rent-stabilized apartment fund for roughly six cents on the dollar.

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Amphitheatre LLC, an entity linked to Brin, sold its position last year in a fund managed by A&E Real Estate that controls nearly 5,900 units across Manhattan, Brooklyn, Queens and the Bronx, according to reports.

The sale comes as landlords grapple with strict rent regulations and rising operational costs. On June 25, 2026, Mayor Zohran Mamdani’s Rent Guidelines Board voted to freeze rents on more than one million stabilized apartments for the upcoming lease year. Mamdani, a Democratic socialist who campaigned on strengthening tenant protections, described the freeze as necessary relief for working-class New Yorkers in a market with persistently low vacancy rates.

Industry representatives contend that the policy fails to account for sharp increases in expenses such as insurance, potentially accelerating building deterioration and discouraging new housing supply. Brin, whose net worth exceeds $265 billion, is among prominent investors impacted by the regulations’ effect on property values.

The transaction highlights ongoing tensions between tenant advocates and property owners in one of the nation’s most heavily regulated housing markets.