The Billionaire Behind America’s Most Enviable Master-Planned City
Also today: How Trump's trade war affects small businesses, and how charter schools push muni debt distress near record.
Irvine, California, is seemingly a normal place to live, standing out largely for its well-recognized master planning. But look a little closer, and something else sticks out: One landlord dominates the rental market.
By one count, the Irvine Co. owns about 75% of all apartments in Irvine — plus shopping centers, a golf course and the community newspaper. At the helm is Donald Bren, the wealthiest real estate developer in America, who "operates the core of his empire like a one-man homeowners association," write Michael Waters and John Gittelsohn in Businessweek. The company sets strict home design standards and stiff terms for local business renters. Today on CityLab: The Billionaire’s Town