Actor Lindsay Lohan's younger brother Michael Lohan is one of seven real estate speculators accused last week by New York Attorney General Letitia James of conspiring to illegally deregulate more than 150 rent-stabilized apartments in Brooklyn and Queens.
On December 1, Attorney General James and New York's affordable housing agency, Homes and Community Renewal (HCR), filed a lawsuit against Peak Capital Advisors and its founders and principals, one of whom is Lohan. The lawsuit alleges that, since 2019, Peak has bought 31 buildings, including in Greenpoint, Astoria, Sunnyside, and Long Island City, and converted more than 150 rent-stabilized apartments in those buildings to market-rate units by falsely claiming they qualified for deregulation under the "substantial rehabilitation" exemption in state housing law.