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Welltower CEO Shankh Mitra went on a $40 billion senior housing buying spree when these properties were out of favor. Today, Welltower now owns more than 2,500 senior-living communities, the most of anyone in the industry. Its market value has increased close to sevenfold to about $160 billion since 2020. Mitra himself has been well compensated. He received a compensation package valued at $821 million last year, according to The Wall Street Journal's annual analysis of executive pay. Peter Grant unpacks this enormous pay package and why the company agreed to it.

New York City Mayor Zohran Mamdani left his rent-stabilized apartment in Queens to move to the mayor's official residence this year. Now, his former landlord is raising the rent on that unit for the new tenant by more than 30%. And even with New York's recently passed rent freeze, that sort of rent hike is permissible for a new tenant. As Rebecca Picciotto reports, it shows how landlords still have some leeway to take advantage of New York City's surging real-estate values, even as the city cracks down on their ability to raise rents.

He Dared to Buy Senior Housing at Its Lows. Now He Runs a $160 Billion Empire.

Welltower spent more than $40 billion over the following six years to acquire tens of thousands of senior-housing units, while many rivals retreated when the pandemic caused senior-facility occupancy rates to plummet. Welltower now owns more than 2,500 senior-living communities, the most of anyone in the industry.

Welltower CEO Sankh Mitra's compensation package last year, according to The Wall Street Journal's annual analysis of executive pay using data from MyLogIQ. That was the biggest pay package for any public-company CEO in America, save for Elon Musk.

What Freeze? Rent for Mamdani's Former Apartment Just Rose More Than 30%

New York City Mayor Zohran Mamdani left his rent-stabilized apartment in Queens to move to the mayor's official residence this year. Now, his former landlord is raising the rent on that unit for the new tenant by more than 30%.

Podcast: The American Housing Market

Data Points

   -- 2.5%: The year-over-year decline in U.S. home-sale asking prices in June, 
      the steepest annual decline since 2017, according to Realtor.com. The 
      drop is driven largely by declining list prices in the West and South, 
      where buyers appear to have reached their limits, while tight supply and 
      strong demand in the Northeast and Midwest have limited price drops. 
 
   -- 43%: The increase in soundstage inventory across New York, New Jersey and 
      Connecticut since 2020, according to CBRE. Despite industry consolidation 
      calling future demand into question, the region is the only U.S. market 
      where production starts have recovered to levels seen before labor 
      disputes disrupted Hollywood in 2023. New York's photogenic neighborhoods, 
      generous tax incentives and a wide pool of motion-picture professionals 
      are all boosting film production. 

Beyond WSJ

   -- Store Openings Overtake Closings as Retail Leasing Normalizes (CoStar) 
 
   -- A&E Real Estate Buys Back Sergey Brin's Stake In NYC Real Estate Fund for 
      Pennies on the Dollar (Bisnow) 
 
   -- Rats, Leaks and Broken Elevators: Repair Backlog Plagues Federal 
      Buildings $(NYT)$ 

About Us

Craig Karmin is real-estate news bureau chief. Reach him on X @CraigKarmin or via email at Craig.Karmin@wsj.com. The newsletter is compiled and edited by Kate King and Rebecca Picciotto (rebecca.picciotto@wsj.com), WSJ real estate reporters. Reach them via email at kate.king@wsj.com and rebecca.picciotto@wsj.com. Got a tip for us? Here's how to submit.

(END) Dow Jones Newswires

July 01, 2026 10:00 ET (14:00 GMT)

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