“We, like everyone else in the affordable housing lending industry, are pulling back drastically in New York City,” Pembrook CEO Stuart Boesky said in an interview. In contrast, affordable housing tenants must document their income and pay 30 percent of it in rent. “Capital is fleeing”Besides benefiting people who don’t need it, Boesky said, rent stabilization is degrading New York’s housing stock. “I’m not here to say that I don’t believe in rent stabilization as a Band-Aid solution when there’s a short-term, critical situation,” Boesky said. “When you use rent stabilization and rent freezes as a long-term solution, you’re doing tremendous damage to the marketplace,” said Boesky.