"I like to see a man proud of the place in which he lives. I like to see a man live so that his place will be proud of him."– Abraham Lincoln

In this week’s edition:

Despite the headlines declaring New York’s next “socialist mayor,” Zohran Mamdani is still just a candidate—not the mayor. He won an impressive 56% in the Democratic primary on June 24, but the general election isn’t until November—and much can happen between now and then.

Still, Mamdani’s primary win has thrust rent control—and his proposed citywide rent freeze—back into the spotlight, reigniting a fierce debate about how to create affordability in a city like ours. But New York isn’t having this conversation in a vacuum. Other cities offer clear case studies—and they all point to the same core principle: housing affordability starts and ends with supply and demand.

So, let’s begin with a simple question: Which U.S. city is the most affordable?

It’s a clear reminder that affordability hinges on one thing: supply and demand—not freezes, caps, or policies that may feel good politically but have a poor track record in practice.

There's also the example of Austin, Texas where, rents have dropped roughly 20% from pandemic-era highs—not because of freezes or caps, but because Austin built housing. Lots of it.

Yes, rent control can lower rents for some in the short term. But over time, it reduces the supply of affordable housing, discourages new development, and often leads to under-maintained buildings. It helps a few, but hurts many—and rarely creates long-term affordability.

Now look at New York City. With a vacancy rate of just 1.4%, rents have soared to record highs. And despite decades of rent stabilization, access to affordable housing remains deeply constrained.

In New York City, there were 26,310 vacant rent‑stabilized apartments in mid‑2023, down from 42,860 in 2021. These units remain idle because restricted rent levels make renovation unprofitable (Source: comptrolelr.nyc.gov) That’s out of a total of about 1 million rent-stabilized apartments in the City (Source: Rent Guidelines Board.)

Meanwhile, nearly 71,000 new units—including a record 70,700 office‑to‑residential conversions—are in the pipeline.

– Tens of thousands of stabilized units sit vacant, left unrenovated and offline

– Maintenance suffers, with stabilized buildings showing far more issues than market-rate ones

– Turnover drops, freezing units in place while locking out newcomers

– New construction slows, as developers fear future regulatory overreach

– And market rents rise, as demand piles onto a shrinking share of available inventory

Rent control offers short-term relief for a few, but drives long-term scarcity for the many. If we’re serious about housing affordability, we need to focus on increasing supply, encouraging turnover, and creating conditions where both renters and buildings can thrive.

Cash buyers now make up a record 69.1% of Manhattan sales—a new high. With mortgage rates still hovering right around 6.7%, it's no surprise that many are turning to cash, Many well-capitalized buyers are opting to skip financing altogether. A strong—if chaotic—stock market and other liquid assets have made cash not just more accessible for some, but real estate feel like the safer play.

That shift helped drive a 23.1% annual jump in cash deals, compared to just 5.3% growth in financed purchases.

It’s summer—and after all the debate around rent control and the upcoming mayoral race, maybe it’s time to step back, breathe, and dream a little. There are few places more transporting than the South of France, where vineyards, sculpture, and architectural poetry blend effortlessly into the landscape.

From the art-dotted trails of Château La Coste in Provence to LUMA’s bold architecture and modernist gems that never go out of style, it’s a masterclass in beauty and balance.

A sanctuary of experiential art and architecture nestled in vineyards, Villa La Coste offers an immersive Art and Architecture Trail. Here, nature and art are inseparable. Wander its trails and you’ll encounter site-specific works by Louise Bourgeois, Tracey Emin, and Andy Goldsworthy—each piece quietly dialoguing with the land.

At the heart of it all is Villa La Coste, a serene, design-forward sanctuary where Tadao Ando’s meditative architecture sets the tone. His Pavilion is pure harmony: concrete, light, and reflection in conversation with the vineyard’s geometry. It’s not just a retreat—it’s an experience.

And just beyond, the South of France continues to unfold: from the bold lines of LUMA Arles to the timeless modernist villas that dot the coast. It’s a place that reminds you that beauty and clarity can still take you by surprise.

A hidden sculpture park in Le Muy, Domaine du Muy invites visitors into a wild Provençal landscape dotted with monumental works by the world's leading contemporary artists. The park spans over a 2 km trail through cork-oak and pine woodlands, showcasing around 40 large-scale sculptures in conversation with nature—from Sol LeWitt and Dennis Oppenheim to Tomás Saraceno and Mark Handforth

Both museum and residence, this poetic center by Korean artist Lee Ufan invites reflection on the space between nature and matter.

Spread across 17 acres, Bernar Venet's art foundation showcases works by James Turrell, Anish Kapoor, Jean Tinguely, and more, fusing industrial design with minimalism in a tranquil Provençal setting.

Dedicated to painters Hans Hartung and Anna-Eva Bergman, this Mediterranean villa is a minimalist retreat where modernist architecture and abstract expressionism coexist.

Set amid rolling vineyards, La Commanderie de Peyrassol blends centuries-old heritage with a cutting-edge open-air collection of sculpture and installation art.

A modernist treasure designed in 1974 by Emile Sala, Villa Benkemoun remains a living archive of Mediterranean modernism. Its 50th anniversary exhibition features Joseph-André Motte, Jacques Villeglé, and Bernard Govin.

More than a museum, the Maeght Foundation is a cultural institution housing Europe's largest private art collection, and hosting exhibitions, performances, and artist residencies since 1964.

A bold contemporary arts campus in a 19th-century railyard, LUMA hosts annual exhibitions and site-specific projects inside Frank Gehry's shimmering tower and surrounding industrial buildings.

Housed in a 1950s villa with panoramic gardens, CAB Saint Paul is both an exhibition space and design-led guest house-a refined setting for seasonal shows and curated living.

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