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Anonymous
/NYC/: Stuy Town Edition
2015-11-07 21:39:33 Post No. 55207933
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/NYC/: Stuy Town Edition
Anonymous
2015-11-07 21:39:33
Post No. 55207933
[Report]
What do Jew Yorkers think of Stuy Town?
>http://www.theguardian.com/cities/2015/oct/29/stuyvesant-town-corporate-greed-affordable-housing-new-york
Stuyvesant Town-Peter Cooper Village opened in 1947 and is the largest rental apartment complex in Manhattan. Its aim was to provide decent housing for people on moderate income. There are 110 towers with 11,000 apartments.
As prices rose in NY, Stuy Town stayed stable, until in 2000 when the landlord, Met Life, decided to go public. Between 2002-2015, private landlords bought property and raised prices drastically, something NY senator Chuck Schumer described as "despicable corporate greed". They would also split the apartments into more, smaller apartments.
In 2001, less than 100 apartments were on the open market; now over 50% are.
A 1-bedroom apartment goes for $3,300/month on the open market.
According to the Tenants Association, in the year 2000, there were over 20,000 families on the Stuy Town-Peter Cooper Village waiting list.
The biggest buyers were Tishman Speyer who purchased Stuy Town in 2006 for $5.4bn. They promised the residents not to drive up prices, whilst at the same time hiring investigators to check whether any tenants had breached the lease contracts, e.g. by subletting or by living elsewhere, so they could be removed and the property could be put on the open market for vastly higher rent prices. In 2009, the NY Appeal Court found that Met Life and Tishman Speyer had illegally deregulated 4,000 units.
This process reached a halt in 2015 when Blackstone, the US' largest rental landlords, bought Stuy Town and promised to keep 5,000 apartments for middle/low-income renters for the next 2 decades.
