He assumed that he could deregulate 12% to 15% of the apartments a year, a laughable figure that embittered even those residents whom management's private detectives didn't try to evict. (Mr. Speyer's firm, tellingly, had made its name in commercial real estate, not residential.) Mr. Speyer had overestimated cash flow and the pool of would-be affluent renters, and had underestimated maintenance costs.
WSJ: Book Review: Other People's Money