Billionaire’s Henchman Perry Boyle Goes Scorched Earth in Small-Town Mayoral Race

On Wednesday, a hedge-fund tycoon printed an “open letter” within the newspaper of the tiny Idaho city the place he’s operating for mayor, delivering an ultimatum to a retired physician elevating questions on his candidacy.

Perry Boyle, a longtime government at billionaire Steve Cohen’s Point72 Asset Administration and now-defunct SAC Capital Advisers, left an prosperous nook of Connecticut in 2019 to retire in picturesque Ketchum. It’s a neighborhood with an reasonably priced housing disaster so dire that officers contemplated creating a tent city for nurses and repair employees.

In his paid commercial, Boyle referred to as out 79-year-old Gary Hoffman—a doctor who owns two space mobile-home parks that perform as workforce housing and helps the incumbent mayor, Neil Bradshaw—for circulating essential flyers to residents. The mailers underscored Boyle’s highly-placed position at SAC Capital, a disgraced hedge fund that pleaded responsible to insider trading in 2013 and would pay a document $1.8 billion advantageous. (Boyle, it needs to be famous, was by no means charged. Court docket filings present the feds interviewed him as a witness, and Boyle says he volunteered to assist a government-appointed monitor create a program to reform SAC Capital’s practices.)

“I’ve given Mr. Hoffman a chance to apologize and publicly retract his libel by sending a brand new mailer to all registered Ketchum voters,” Boyle wrote in his advert within the Idaho Mountain Specific this week. “If he does so by October 26, I’ll contemplate the matter closed. If he doesn’t, I’ll pursue the authorized treatments accessible to me.”

“Apart from a rushing ticket,” Boyle added, “I’ve by no means been celebration to any explanation for motion in any court docket, civil or felony, at any time, in any jurisdiction.”

On Thursday night time, Boyle stored up the drumbeat, sending a marketing campaign electronic mail to supporters stating, “You in all probability acquired Mr. Hoffman’s mailer about me in your publish field final Thursday. It’s libel, and I imagine a marketing campaign finance violation, and I’m taking the suitable steps.”

Hoffman declined to remark, and it’s unclear whether or not he’ll acquiesce to the multimillionaire’s calls for for up to date snail mail. However the tussle is simply the most recent episode in an ongoing native warfare for the way forward for reasonably priced housing.

For a lot of denizens of this upscale mountain neighborhood—a metropolis of two,800 that neighbors superstar playground Solar Valley and whose decrease and center lessons have long been endangered—the mayoral race is greater than some sleepy native election. As employees are priced out of the native housing market and companies shutter or cut back hours as a result of they’ll’t fill jobs, housing has turn out to be a disaster.

And now some residents worry a strong relative newcomer is swooping in with authorized threats and masses of cash to reshape their neighborhood—and stamp out dissent.

A duplicate of Hoffman’s offending mailer, obtained by The Every day Beast, reveals it said, partly: “Since just lately arriving in Ketchum, Boyle has not solely turn out to be a self-expert on all sides of Ketchum authorities, he’s additionally too prepared to point out everybody simply how a lot he is aware of.

“After all, posing and posturing as an knowledgeable cuts into precise listening and studying time. His downside is that there are a lot of as vibrant and even brighter right here in Ketchum. The distinction is that they dwell right here for years and ask numerous questions earlier than pondering of assuming the position of Chief Metropolis Planner.”

The leaflet continues: “The message should be clear: Ketchum will not be on the market to the very best bidder!”

Employees within the metropolis is perhaps forgiven for questioning about simply that. Regardless of the dearth of reasonably priced leases, town’s solely low-income housing mission within the pipeline, Bluebird Village, has turn out to be one thing of a lightning rod. Whereas many affordable-housing activists have endorsed Bluebird, which is slated to switch the present Metropolis Corridor constructing downtown with 51 residences, Boyle has helped lead a gaggle of neighbors who wish to thwart the mission.

In line with a current commercial for the constructing, candidates making as much as $39,000 a 12 months can qualify for a one-bedroom house and households with as much as $57,000 can apply for a three-bedroom unit. Town council authorised Bluebird this month, and it’ll break floor in spring—if all goes based on plan.

However some voters instructed The Every day Beast they worry Boyle, whom they view as a well-heeled obstructionist masquerading as a champion of reasonably priced housing, might finally derail the mission if he’s elected. They’re additionally elevating eyebrows at his longstanding ties to Cohen, one of the crucial highly effective and controversial figures on Wall Road.

Boyle instructed The Every day Beast that he’s removed from an outsider from the East Coast, and that voters ought to know of his household’s decades-long ties to Ketchum. He claims no residents have approached him about his 35 years in funding banking and asset administration, 15 of which had been below Cohen, a person who’s said to have impressed the primary character of the Showtime drama Billions.

“They’re not asking me these questions,” Boyle stated in an interview. “I’ve been out locally daily. The main focus of the election is on reasonably priced housing for native working folks. I believe the neighborhood believes I’m the very best wager to get that completed, given the mayor has had 4 years to do it and hasn’t delivered.” (Bradshaw doesn’t agree with that characterization, telling The Every day Beast, “The rationale we’ve been in a position to get a lot completed is as a result of we’ve stayed centered on housing, public security and communication, and outreach. I don’t concentrate on the noise.” He stated he’s advocating for all options to the housing dilemma and that “cherry choosing which of them undergo doesn’t assist.”)

“One of many charms of Ketchum is folks aren’t notably class-focused,” Boyle added. “Everyone will get alongside. It’s one of many issues that makes it particular.”

After all, some residents paint a darker image: of a metropolis coming to phrases with class battle and widening disconnect between the elite and the guides, servers, and lecturers who give Ketchum its character—and hold it operating.

Kris Gilarowski, a hospitality employee and native housing advocate, instructed The Every day Beast that Boyle is “the improper man on the improper time to run for workplace.”

The daddy of two, who launched a Fb group referred to as Occupy Ketchum City Sq., was amongst a number of residents who stated they anxious Boyle would by some means kill Bluebird if he will get elected.

“There is no such thing as a shovel within the floor,” Gilarowski stated, noting it’s not too late to halt the mission, no less than in concept. “There’s yet another hurdle that we have to bounce, and that’s this native election.”

“I’m doing this as a result of I dwell within the valley and see folks that have lived right here method longer than me getting kicked out, dwelling within the forest as a result of they’ve nowhere to dwell.”

— Kris Gilarowski

Gilarowski can be involved Boyle will use his wealth to silence any opposition. In spite of everything, Boyle’s open letter this week additionally indicated a second individual had criticized him on social media, solely to recant after talking with the 58-year-old ex-hedge-funder.

“A supporter and enterprise affiliate” of one other mayoral candidate “broadcast libelous and defamatory statements about me on his public Instagram account,” the letter stated. “After a dialog with me, he apologized and retracted these statements.”

In an interview with The Every day Beast, Boyle pushed again on the thought he quantities to some type of free-speech stifler.

“To me, it’s fairly unhappy that the divisiveness of nationwide politics has reached a small city like Ketchum, the place proponents of political candidates be happy to say nearly something with out doing any truth checking,” he stated, later including, “My entire marketing campaign is about rising the variety of voices, not decreasing the variety of voices, and I publish my telephone quantity on each advert; they may simply name me.”

For his half, Gilarowski recounted what he described as his personal ominous expertise with Boyle.

When he organized a rally for reasonably priced housing earlier this 12 months, Gilarowski stated, Boyle despatched a letter to the lodge the place he works and complained. “I’m not doing this rally as an worker of the lodge. I’m doing this as a result of I dwell within the valley and see folks that have lived right here method longer than me getting kicked out, dwelling within the forest as a result of they’ve nowhere to dwell,” Gilarowski instructed The Every day Beast.

“I acquired a household. I acquired children. I’m not this man who has an enormous checking account,” Gilarowski added. “It’s unnerving that right here in America, a man with cash can are available and attempt to take me down.”

“I’m bored with seeing rich people undermining how native authorities works,” he continued. “We now have residents of means which can be stopping options to our housing disaster. In numerous these instances, the people dwell in multi-thousand sq. foot mansions, however but they run on the platform of maintaining Ketchum quaint.”

Requested concerning the letter to Gilarowski’s bosses—which The Every day Beast couldn’t independently evaluate—Boyle stated Gilarowski’s characterization of the missive was not correct.

“I despatched a letter… asking why, after they constructed a lodge in Aspen, they constructed workforce housing, however after they constructed a lodge in Ketchum, they constructed no workforce housing and why no less than one among their workers was dwelling in taxpayer backed, low-income housing,” Boyle stated. (Gilarowski pushed again on Boyle’s characterization: “I believe it speaks to who Perry is. He has contempt for the working class folks of this neighborhood. I believe he deliberately calls this low-income housing to stop the Bluebird from being constructed.”)

Boyle has emerged as one among Bluebird’s most vocal opponents since settling in Ketchum full-time in 2019. He helped to launch a gaggle referred to as the “Reasonably priced Housing Coalition” to battle the mission; whereas the entity purports to assist workforce housing, its web site is generally devoted to stopping Bluebird and detailing why it’s a improper match for Ketchum.

Opponents of the mission have delivered speaking factors on what they view as pitfalls of the long run construction. Amongst them: it’s coming from an out-of-town developer, it’s too massive for the quaint city, it should decrease property taxes, town is dropping thousands and thousands in invaluable actual property, and downtown companies will lose parking areas.

“The consensus on the town is that there’s going to be a personal lawsuit in opposition to the constructing, that might both cease it or delay it lengthy sufficient that its tax credit expire.”

— Perry Boyle

Boyle is the only candidate adamantly against the mission, and stated he needs to promote town land as an alternative, utilizing the proceeds to put money into different affordable-housing mechanisms like deed restrictions. (Among the many different candidates, David Barovetto has stated he doesn’t assist Bluebird’s location, whereas Spencer Cordovano helps it.)

In an interview with The Every day Beast, Boyle prompt Bluebird could not make it to development—not due to his candidacy, however as a result of different locals are contemplating litigation. “The consensus on the town is that there’s going to be a personal lawsuit in opposition to the constructing, that might both cease it or delay it lengthy sufficient that its tax credit expire.”

He claimed that if he’s elected mayor, Bluebird is unlikely to “be a call that’s positioned in my fingers.”

A number of Ketchum residents instructed us the mayoral election is greater than a referendum on Bluebird, however will decide the way forward for working folks within the metropolis. In the meantime, Boyle is a pressure by advantage of his funds alone: Blaine County data present Boyle has to this point raised $25,000, or about $20,000 greater than his rivals, together with via his personal loans to his marketing campaign.

“It’s a check level for our neighborhood,” stated Dale Bates, a retired architect who designed Ketchum’s first three affordable-housing tasks. Bates wasn’t concerned in Bluebird, however helps the mission.

“It’s laborious to see folks with a lot cash, so new to city, assume they know what’s greatest, after they solely know what is sweet for them and their small circle of associates,” Bates added.

Nonetheless, Boyle insists he’s closely scrutinized Ketchum’s authorities. “I imagine I’ve been to extra metropolis conferences than any mixture of the mayor and the opposite candidates operating for mayor,” he stated. “I’ve been finding out this metropolis intensely to grasp the way it works and the extra I study, the extra disturbed and fearful I turn out to be.”

Boyle is an lively commenter on the Mountain Specific web site, utilizing the moniker “Idaho4us” to spar with locals, together with Hoffman, who, as The Every day Beast reported, this 12 months parked a trailer around Ketchum with a banner demanding “Employee housing now!” In smaller print, the signal added: “What The One Percenters Ignore: Reasonably priced housing has all the time been the lifeblood of a vibrant neighborhood. A city dies when its most efficient folks can not afford to dwell in it.”


Within the feedback part below one April letter to the editor opposing Bluebird, Boyle took purpose at Hoffman, writing, “I believe Gary Hoffman’s trailer park is the PERFECT spot for Bluebird. Its [sic] on the bus line and bike path. It it grossly underulitized land. You may construct 4x the housing Mr Hoffman supplies. The neighbors would all want a extra enticing view, so no NIMBY difficulty.”

When Bluebird’s Seattle-based developer Greg Dunfield penned an op-ed this week, warning that “NIMBYism and inconsistent political assist have thwarted many actual reasonably priced housing proposals during the last 20 years,” Boyle weighed in and criticized Dunfield for constructing a mansion in Solar Valley versus Ketchum. He did the identical whereas submitting public remark for an Oct. 4 metropolis council assembly. “I assume Ketchum isn’t ok for the likes of him?” Boyle famous. “Too many working folks? At the very least he’ll not need to dwell subsequent to workforce housing.”


Dunfield instructed The Every day Beast that Boyle’s “private assaults haven’t any place” within the dialog round Bluebird and reasonably priced housing “and will simply cease.”

“I’ve spent a lot time rising up within the [Wood River] Valley, I don’t actually establish with the boundary between Solar Valley and Ketchum; I regarded in each to construct my house,” Dunfield stated. He additionally balked at Boyle’s suggestion that he needed to construct a home away from worker dorms in Solar Valley. “Perry Boyle is so determined he simply retains making stuff up with no truth checking. He simply says what sounds good.”

“The loopy factor is he and his supporters dwell on this bubble and haven’t any clue as to the work and the life of individuals working day-to-day jobs within the metropolis of Ketchum,” Dunfield added. “My first actual job was driving the Zamboni on the Solar Valley Ice Rink in the course of the day and doing dishes at River Road Retreat in Ketchum at night time. My first real-estate expertise was as a property supervisor and realtor in Ketchum. Now I’m utilizing my 27 years {of professional} expertise as an reasonably priced housing developer to contribute to options for the native housing difficulty, with my very own money and time.”

“I do know associates who’re within the hedge-fund enterprise,” Dunfield added. “They assume the entire world is changeable for the sake of their revenue. That’s how they assume, interval. There aren’t any guidelines.”

One involved resident, who requested to stay nameless due to ties to native authorities and worry {of professional} blowback, stated that after they journey round Ketchum, the indicators they see supporting Boyle “are in entrance of those mega mansions.”

“Perry Boyle terrifies me,” they stated. “He presents himself as being an knowledgeable and he’s not in any method. He doesn’t know reasonably priced housing. He throws these items on the market which can be completely false. His supporters, who’re NIMBYers, lap it up. They completely imagine in him. So he’s convincing. However he’s additionally very improper.”

Boyle’s residence, on a quiet cul-de-sac in a subdivision of multimillion-dollar properties, is a few mile from the long run website of Bluebird in downtown Ketchum. Public data present the Boyles offered their mansion in Darien, Connecticut, for $3.6 million in November of final 12 months. Their Idaho house—which was featured on the quilt of Sun Valley Magazine final fall—has an identical market worth.

The outlet reported that Boyle’s spouse Lisa Ryan-Boyle “mirrored on the seamless mixing of the house with its setting, noting that ‘the aim is to make it really feel like the home is rising out of the hill, fairly than somebody simply placing it there.’”

Regardless of such luxurious, Boyle’s marketing campaign web site appears to downplay his high-flying funding profession and includes a informal picture of him in sun shades, arms crossed and smiling into the gap. Boyle notes that his spouse’s dad and mom have lived in Ketchum for many years and that their eldest son graduated from highschool in Idaho.


“I perceive what it’s prefer to battle to pay the payments and to dwell on spaghetti and tuna fish to repay your faculty loans,” it reads. “I borrowed my first house’s hire from a mortgage shark at 1% curiosity per week. I went to Wall Road not as a result of I needed to be wealthy, however as a result of I used to be afraid of being poor.”

Boyle, a graduate of Stanford and Dartmouth’s Tuck College of Enterprise, spent the latter half of his profession working for Cohen’s hedge funds.

When former Manhattan U.S. Lawyer Preet Bharara circled the latter billionaire investor for alleged insider buying and selling, Boyle was SAC Capital’s Director of Analysis. SAC Capital shuttered after pleading responsible to insider buying and selling in 2013, and Cohen settled with the SEC in 2016 and was briefly banned from managing others’ funds. Months later, the billionaire positioned Boyle on the helm of a brand new agency referred to as Stamford Harbor Capital.

On the time, a Stamford Harbor Capital spokesman instructed Bloomberg News that Cohen owned the brand new agency however per his “settlement with the SEC he won’t supervise the actions of anybody engaged on its behalf.” And, based on the Wall Street Journal, Cohen was “allowed to personal Stamford Harbor Capital, as long as Mr. Boyle and his eventual employees make their very own unbiased choices about operating the store.”


Now, some in Ketchum assume Boyle has a shot at profitable as a result of, because the involved resident put it, “[Boyle supporters] are duped by what they see as his understanding of economics and the market.”

“This election goes to resolve whether or not common folks in Ketchum have housing transferring ahead,” they instructed The Every day Beast. “It’s presumably a very powerful within the metropolis’s historical past proper now as a result of we’re at disaster and there’s both going to be a mayor who helps developments like Bluebird … or there’s going to be somebody who kills these offers and ruins the character of Ketchum as a result of they’re involved about parking areas as an alternative of getting housing for folks.”

However Boyle will not be with out assist amongst residents, together with Wolfgang and Stefanie Dietrich, who just lately created a website to demand town crack down on Airbnb and VRBO leases, which they are saying are changing long-term items. (A 2017 state law, nonetheless, prevents municipalities from limiting these leases.) “After talking at size with Perry Boyle, we predict he’s your best option,” Wolfgang stated, including that he believed Boyle’s housing plans “are far more complete than every other candidate.”

Wolfgang added that Boyle’s criticisms of Bluebird are legitimate and that two on-line polls on the Mountain Specific‘s web site present a virtually 60 p.c disapproval ranking for Bluebird. “From associates I’ve talked to, so much see Bluebird as problematic, however individuals are merely determined and are prepared to simply accept numerous flaws if it means extra housing,” he stated.

“There’s some huge cash in Solar Valley, that’s nothing new,” Wolfgang stated of Boyle. “To me, he comes throughout as a little bit of a workaholic who needs to present again to causes he finds essential after a profession within the non-public sector. Whether or not you disagree with him or not, his participation in metropolis authorities can’t be denied.” | Billionaire’s Henchman Perry Boyle Goes Scorched Earth in Small-City Mayoral Race


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