affordability crisis: As part of that landmark deal, the city provided the owner with 220 million in subsidies, and in return, Blackstone agreed to keep 5,000 of the roughly 11,200 units affordable for a 20-year-span ending in 2035, according to The Independent. They are contributing to the affordability crisis, Susan Steinberg, the president of the Stuy Town Tenants Association, told Gothamist. Last week The Real Deal reported that private equity group Blackstone was warehousing vacated apartments and that the issue had prompted the city's housing preservation and development to review its 2015 regulatory agreement with the landlord. Blackstone, however, has maintained that it is still fulfilling its pact with the city. Nor is there any legal obligation for landlords of rent-regulated apartments to keep them continually rented. Not all of its rent-regulated units fall under the 2015 regulatory agreement.
(news.financializer.com). As
reported in the news.
Tagged under affordability crisis, city topics.