New York housing complex up for sale, causing concern
The possible sale of two rent-control apartment complexes in Manhattan could damage efforts by the city to control the loss of affordable housing. The owner of the complexes, Metropolitan Life, is hoping to sell the
The possible sale of two rent-control apartment complexes in Manhattan could damage efforts by the city to control the loss of affordable housing. The owner of the complexes, Metropolitan Life, is hoping to sell the buildings for $4 billion or $5 billion, meaning the next owner might try to phase in luxury apartments, according to The New York Times. City officials may offer incentives to the new owners to encourage them to continue renting most of the apartments at rates affordable to the middle class.
http://www.nytimes.com/2006/08/31/nyregion/31housing.html?ref=nyregion
Tags: Public Safety