Keys to the Kingdom

01 Sep 2009

Keys to the Kingdom

Re: John Rhea (MBA 1992); Mike Bloomberg (MBA 1966)

Topics: Society-Housing Management-Management Practices and Processes Ownership-Property Society-Urban Development

Who’s the Big Apple’s biggest landlord? That would be John Rhea (MBA ’92), who oversees 178,000 apartments in 2,600 buildings at 340 complexes, according to the New York Times (May 14, 2009). This sprawling domain became Rhea’s literally overnight last May, when he was appointed chairman of the New York City Housing Authority by Mayor Michael Bloomberg (MBA ’66). Critics noted that Rhea, who was previously an executive at JPMorgan Chase and Lehman Brothers, has no experience in affordable-housing management. But Bloomberg defended the appointment, saying that Rhea brings much-needed financial skills and expertise to the job. Said Rhea, “I’m keenly aware of the challenges facing public housing today and the need to ensure that this vital resource, each and every unit, remains available for New Yorkers in the future.”

Added Rhea, who grew up in Detroit and attended its public schools, “I know what it’s like to be from a place where both parents are working hard to help give their children a better life and access to quality education. I’m not some detached guy who’s sitting in an ivory tower” (New York Times, May 17, 2009).