Affordable Housing Institute : US

When is an occupied apartment a liability rather than an asset? 
 

O wise one, what apartment occupant is a liability?
 
When its cost of operations is greater than the NOI derived.  Because apartments are occupied by money, not people, this arises only when the collectible rent is below the operating cost.  And because markets always clear, […]

 
[Continued from yesterday’s Part 1.]
 
Yesterday we saw that David Bistricer, who for more than six months has been trying, with increasing exasperation and apparent desperation, to resuscitate his widely-scorned (albeit not widely analyzed) proposal to buy Starrett City, remove it from Mitchell-Lama regulation. 
 

Time’s running out on your bid, sir
 
Now he’s made his last throw, […]

 
Regarding Starrett City, which followed Stuyvesant Town as the next big-top extravaganza New York City affordable rental sale, a few weeks ago we paged a white knight, and in fulfillment of one of the easier predictions I’ve made recently, at the eleventh hour — really, at five minutes to twelve — in has rushed an […]

Yesterday  we became acquainted with Jenner & Block’s giant pro-bono lawsuit against the New York Pinnacle Group, as reported by the New York Times:

A group of tenants filed a federal racketeering lawsuit against one of the city’s fastest-growing residential landlords yesterday [July 11, 2007 — Ed.], accusing it of harassment, fraud, rent overcharges and […]

Rent control, as I’ve posted on many occasions, survives in spite of the fact that there is no economic or public-policy case for it; rather, once rent control is enacted as a short-term political fix, it embeds itself into the society, with ever-more-fierce defenders among its ever-less-market-connected beneficiaries. 
 

I’m defending my right to be here
 
Meanwhile, […]