The big story in New York real estate in recent weeks has been the potential sale, for a purported asking price of $5 billion, of Stuyvesant Town and Peter Cooper Village, two huge “middle class” housing developments on Manhattan’s East Side, by the Metropolitan Life Insurance Company, their developer and long time owner. Metlife had previously sold its other large New York City housing projects, such as Parkchester in the Bronx. Immediately, politicos have rallied to the side of the potentially embattled tenants of these developments, most of whom benefit from rent stabilization. The local council member has proposed a tenant buyout, which he says will be possible with union pension fund money, “socially conscious” investors, and city subsidies. If the existing tenants want to make a bid for the place, more power to them, although I advise that we are in a real estate bubble and any buyer will likely pay too much – one reason Metlife is selling. But if they want to put city pension fund money at risk, given that the city would be required to raise taxes and cut services to make up any losses, and to receive tax breaks, I say forget it. Since Stuytown and Peter Cooper village are large enough to be their own census tracts, we can use 2000 census data to find out some characteristics of those who live there. And like Waterside Plaza, another development that was granted a city tax subsidy in exchange for a continued great rent deal for the tenants, residents of these developments are MUCH better off than most of the rest of us.