Super fascinating read about the G-word. Some of you have expressed being sick of the topic, though given the importance of people's dwellings to their sense of security and well-being, I find this to be the most important Human-American story of our times - how to welcome change and economic vitality while not losing our Human-American-ness. Note the mention of the phrase "Lefferts Gardens" near the end. That helps qualify the piece for inclusion on the Q.
Gothamist Piece by Tyler Kelly
Rent Stabilization has a somewhat checkered history in this City. No element of the system is more bizarre than the "buying out" of longtime renters. Say you're renting a two-bedroom for $600 a month, and the law is gonna keep rent low for a long time to come. Seemingly out of nowhere someone offers you $10,000, or more, in cash, to vamoose. Do you take it? The smart money says No Effin Way, Jose. But what if you're on a sinking ship, financially? Maybe you need that money for a family member's emergency. Maybe you got fired and the unemployment or disability checks aren't enough. Maybe you're not sophisticated in such matters, or think it's easy to find another rent stabilized place. At a certain point, a landlord can make it so crappy for you that you just give up, depressed and disheartened. We've seen it again and again...a building hits the "tipping point," and in a couple years goes from affordable to unaffordable. One man's bargain is another's fortune.
Last time this City went through such an intense period of demand outstripping supply, prices outstripping incomes, the City took up the call. Housing projects. Rent laws. Then we started begging people to stay, with coop conversions and Mitchell Lama and more. And now, it's de Blasio's turn to bat. Will he strike out or hit a double? History will judge.
Oh. And Coop City of 1966! I used to have nightmares about that place. Such a fascinating town along the Hutch. A killer documentary could be made about it. Has it been?
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Gothamist Piece by Tyler Kelly
Rent Stabilization has a somewhat checkered history in this City. No element of the system is more bizarre than the "buying out" of longtime renters. Say you're renting a two-bedroom for $600 a month, and the law is gonna keep rent low for a long time to come. Seemingly out of nowhere someone offers you $10,000, or more, in cash, to vamoose. Do you take it? The smart money says No Effin Way, Jose. But what if you're on a sinking ship, financially? Maybe you need that money for a family member's emergency. Maybe you got fired and the unemployment or disability checks aren't enough. Maybe you're not sophisticated in such matters, or think it's easy to find another rent stabilized place. At a certain point, a landlord can make it so crappy for you that you just give up, depressed and disheartened. We've seen it again and again...a building hits the "tipping point," and in a couple years goes from affordable to unaffordable. One man's bargain is another's fortune.
Last time this City went through such an intense period of demand outstripping supply, prices outstripping incomes, the City took up the call. Housing projects. Rent laws. Then we started begging people to stay, with coop conversions and Mitchell Lama and more. And now, it's de Blasio's turn to bat. Will he strike out or hit a double? History will judge.
Oh. And Coop City of 1966! I used to have nightmares about that place. Such a fascinating town along the Hutch. A killer documentary could be made about it. Has it been?
