![]() But the experiences of three developments currently in the process of leaving the program illustrate the ways duels between owner and resident can play out.Īn unusual resolution has been unfolding at Cathedral Parkway Towers, a 309-unit complex on the Upper West Side near the Cathedral Church of St. How the transition from regulation to free market evolves differs from one case to another. Bloomberg and the City Council speaker, Gifford Miller, proposing new safeguards for Mitchell-Lama tenants. The potential effects of the buyouts have drawn the attention of political leaders, with both Mayor Michael R. Buyouts are pending at eight Mitchell-Lama developments in Manhattan, two in Brooklyn and one in Queens, according to the city’s Department of Housing Preservation and Development. The last of the Mitchell-Lama buildings went up in 1978, and with the 20-year mark past, the pace of landlords leaving the program has been quickening. But if they are among the 144 Mitchell-Lama projects finished after that date, owners are free to set whatever rents they wish, provided they pay up their mortgages and fulfill other conditions, including proving there were no covenants in the deeds restricting use of the land. If they leave the Mitchell-Lama program, they automatically become subject to rent stabilization, with increases limited by the city’s Rent Guidelines Board. ![]() On the other, there are the tenants, fearful they will lose their homes to soaring rents or that their buildings will be transformed into luxury condos.įor projects completed before Jan. THE battleground is increasingly familiar: on one side, there is the developer of a Mitchell-Lama building entitled under law to take it out of the low- and moderate-income housing program after 20 years of rent ceilings. ![]()
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