One year, she and Cindy Moelis, who is white, went to a spa in Utah to celebrate their birthdays.

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In another debacle, Ken Moelis, a top corporate financier, left the bank in March complaining about its lacklustre lending ambitions.

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UBS's street credibility (at least among the Wall Street crowd where Mr Moelis works) was badly damaged, and staff loyalty started to suffer.

ECONOMIST: UBS falls from grace

"Maybe there is a particular stigma attached to public housing, " said Becky Koepnick, the director of the Moelis Institute for Affordable Housing Policy at New York University.

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Mr. Moelis and others note that is particularly true for the kind of middle-income housing Ms. Quinn is pushing for, which usually requires more capital from banks and private investors.

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Mr. Moelis said the ability to convert an affordable development in Chelsea or Park Slope to higher rents is a key incentive for the private sector to build middle-income housing.

WSJ: City Grant Aids Christine Quinn Housing Plan