Summit Properties USA has won an auction to purchase over 5,000 rent-stabilized apartments in New York City from the bankrupt Pinnacle Group, despite efforts by Mayor Zohran Mamdani and city officials to delay the sale. The city raised concerns about Summit's ability and willingness to rehabilitate the aging buildings, many of which have hundreds of unresolved violations. The bankruptcy judge allowed the auction to proceed, but final approval of the sale is still pending. Tenants and advocates are worried about worsening conditions and are urging the new owner to address longstanding maintenance issues. The outcome marks a setback for Mayor Mamdani's pledge to protect renters and highlights the broader challenges facing New York's housing system.