Thursday, July 24, 2008

Predatory Equity

"Predatory Equity" is a serious problem: Private equity companies buy up affordable apartment buildings. They promise their investors returns that are impossible unless the rents are raised - and that means ousting the rent regulated tenants. The P.I.E. Campaign* of which our tenants association is a member, has gotten our legislators to write to the State's Comptroller: Stop investing our money to destroy affordable housing. Click here to read the letter signed by over 40 state legislators.

The letter cites Stellar Management as one of the major companies buying up affordable housing to make it unaffordable.

*P = Protection for tenants
I = Incentives for landlords to stay in Mitchell-Lama
E = Enforcement of the law

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