Revenge of the New York Apartment Renters

Revenge of the New York Apartment Renters

…for $5.4 billion. It was the largest single-property deal ever, but it was justified by rising real estate prices and a belief that the rent-controlled apartments could be converted into market-rate dwellings…

…Stuy Town and Peter Cooper Village, where a three-bedroom apartment can cost $3,700 a month, is hardly cheap. But that is much less than what the owners hoped to charge for for the spacious apartments with parquet floors.

…The court, in a 4-2 ruling, said that the developers can still hope for legislative relief to stave off financial crisis. But getting New York lawmakers to side against tenants in this case sounds like a joke. full apartment investment article