The stereotypical small owner is on the way out. "Predatory equity", Association for Neighborhood and Housing Development Dept. Director Benjamin Duchin said, is gutting the supply of affordable, regulated housing because nearly "10% of the city's rent-regulated housing stock was purchased by private equity-backed developers in the last four years." [-Egbert, 4-14-2008 Daily News].G. Morgenson wrote in NYTimes 5-9-2008 "As Investment Firms Buy Up Buildings, Tenants See Bullies" in widespread pattern of harassment of tenants dragged into court being "..sued repeatedly for unpaid rent that has already been received by landlords; they have been sent false notices of rent bills, lease terminations, nonrenewals and they have been accused of illegal sublets." Equity firms grossly overvalued purchases,got financing, then re-financing with mortgage based instruments [oh govt approved] and conversion of this outlandish debt into assets was based on [fraudulent!] number of turnovers of controlled/stabilised units at rates from double to 5x historic rates of apartment turn-over and the maintenance costs were lowballed to a fraction of actual cost. SO they got too much money lent to them by backers anticipating too high a return from secondary lenders "investing" too much anticipating too high a return from the original buyers asking too much to YOU who eagerly sold off your ol place at double to quadruple the price of two to max 10 years prior to cover it and so on and so on down the line to the first time buyer. Deception, fraud and wishful thinking permeated the whole *system* and much of the population. F-- you who hurling "bitter renters" at anyone complaining on the real estate pirates! In the deflating/crashing market late 2008 they started to cut back on maintenence in these apartment complexes bought up to turn over to luxe rental or condo conversion! So the "bailout"!

Yet not every neighborhood in NYC is hip or on the verge. It started to appear that way as unshackled hyper capitalist speculative financial instruments in the hands on REITS, investment banks and hedge funds caused a giddy run up of prices they tried to carry over into the wider market. Just two of the large developer-real estate investors for example, Pinnacle and Apollo, with other partners, in the last several years bought over 30,000 apartments in the boroughs among tens of thousands of units sold in large "portfolios" to big investors in the last several years. Investors lead by Apollo REA closed deal for $175mil [1,802 apts] for Delano Village/[SavoyPark] in Harlem in MAR 2007 but refinanced into $365.5mil debt to play with in other buy outs are leading it in 2008/09 to possible default. Mr. L. Gluck of Steller Mgt with Rockpoint Group bought 1,230 unit Riverton Houses in 2005, in a sort of mini StuyTown deal. They went thru 'sure-thing' deep debt refinancing 2006, new owners expected the payoff by converting over half of units to market rate by 2011. FEB 2008 [Weiss 'Between the Bricks' NYPost 2-18-2009] notes there was [unsuccessful?] Feb 13 2009 auction by the mezzanine noteholder. The value of the property plunging [back to reality] gone 10% free market Summer 2008, $225mil loans appraised at $190mil, the complex faces foreclosure Feb 20 2009 will lead as first default on a large project in the current umm situation.

For sale fall 2007-'The Uptown 500 Portfolio, Twenty-Four [24] Prime Walk-Up Buildings' 497 Units from East Harlem up thru Washington Heights. 943 apts widely distributed in Brooklyn and Queens were sold from a family to Bronstein family with JPMorgan for avg. $125,132. 1,416 apts of "Eastchester Heights" [Bx] are being sold to ING Clarion and Taconic Investment partners.* *Massey Knakal strikes again. Prime Walk up? Several hundred mil$ I'm sure, and new owners will get the ol tenants out, milk the properties for a few years, then renovate or tear em all down.* *APR 2007 $940million deal for 4,000+ unit in just-former Mitchell Lama bldgs in far upper east side [lower Harlem] and one on Roosevelt Is were acquired by Putnam Holdings for Urban American Management and City Investment Fund..MAR 2007- Dawnay Day Group [will close April2007] of UK bought 47 mostly old walk-ups in East Harlem at a speculatively high price of $225mil MAR 2007 but they will get many umm young people at "suitably" much higher rents in once they push the ol Puerto Ricans out. A less speculative, emphasis of security and solid maintenance rather than "luxury" was taken with Clipper Equity purchase of former fed subsidised Vanderver Estates in East Flatbush for $140mil in 2005 renovated and re-branded as "Flatbush Gardens" 3 yrs later slowly filling up [fall 2008] renting $875stu/ $1,025 1-br/$1,200 2-br units [total of 2,496] are somewhat less than top market they believe they could get and aimed at existing NY families. Long time StuyTown residents would have been fortunate if they had a similar owner-manager to what Flatbush Gardens does!

Renters pay high brokerage fees [+ lil bribes for good deals in older bldgs] everywhere in the NYC aside from the few intrepid seekers hunting availabilities directly whre possible. It is astonishing that in other cities landlords pay to find tenants. CONDO conversion of better older buildings continued, from a high in 1980s of avg of 35,000 units a year to a low in 1994 of 142[!] back to 6,101 in 2005. BUT there are now usually a MINORITY of rent-regulated tenants in these buildings so they have no protection against eviction and can not refuse to accept a conversion so and those fabled low insider prices of the 80s co-oping wave are a thing of the past. At the higher-end, the well off of course have more choices. A mini-exodus of families and established residents from lower Manhattan thru the Village started after 9-11. The closer they stayed, the more they intended to come right back. Many families and artists etc. left and are leaving the Village and Park Slope especially, [or getting first weekend houses] in the Catskill gentrification belt centered in the Hudson valley [Columbia, Ulster Co. in particular] and Catskills [Woodstock areas etc.] with a minority going out of state, Othes wanted to stay in the metro area favouredNJ Montclair, and thsoe more price sensitive and wanting some land go to eastern PA. Ddue to ever higher NY taxes and hassles of post 9-11 Bloomberg administration, flight from NY of the middle class increased. "Chic Peak", [NYPost 7-16-03, from NY Observer] Bowie purchased 64 acres of Little Tonche Mountain north of NY, for a smart few close by yet semi-rural scenic N-W NJ, or for hip social climbing scene and the beach, the Hamptons.

A growing no. of the UN-FABU [one house only!] families who cannot keep up with NY-NJ suburban prices but want space make a long commute from eastern PA. But roots of decay followed as there is a growing presence of organised gangs and some other big city problems are becoming a presence even in gated communities. The moves of young families who grew up in these inner suburbs and now are moving to rural -suburban areas much further west and north of NYC the population of in NY State of Westchester Co and some other inner suburban counties would have meant a population decrease except for immigration. Que lastima!

Co op boards held off buyers from closing by any means necessary even if unethical to take advantage of the [peaking!]" market" prices for co ops in older [converted] buildings in secondary areas in late 2006 thru 2007, in dmeand which could hardly be found anymore for $400k for 1-br. By APR 2009 NYtimes noted 1-br side st. older building [conversion] apts. SOUTH of 96 st were easily found at oh-so-reasonable $300+K. Condos [and some co ops tried to follow suit] using 'first right of refusal' to push low balling unwanted buyers aside, little suspecting coming bust when these units did and are coming down in price anyway! Seen as half or less price alternative to other Manhattan or hot Brooklyn area, the first significant EAST Harlem condos opened 2005 under $500 sq. ft. By mid 2007 they reached starter price of [$600+ sq. ft.] $300,000+ to $400,000+ studio in new low to mid rise mostly new buildings. Prices in E Harlem openings late 2007-into 2008 like The BridgesNorth 2 bldgs at 3Av-124st and Observatory Pl 5Av-103st with larger units reached $800k to a million$. But the Bridges condos and the MYNT [Myrtle Av BedStuy] in similar price range were hardly selling, highly 'leveraged' with construction loans coming due, these two among others in "emerging" but NOW AGAIN "fringe" areas went full or partial rental / rent-to-buy in 2007 and in 2008. LIC - Williamsburg prices ranged from about $700 sq. ft. to tops reaching about $1,000 sq. ft. Sales continue because of it. Top priced for LIC, the Powerhouse orig. $1,000 sq ft dropped into $747 average [streeteasy.com cited in NYPost 10-29-2009]. You can't go below $600 per sq ft for anything new in LIC or Williamsburg. There are also some DUMBO rent to own condos. Luxe TOLL Bros. One Northside Piers are offering 'rent to own.' The conversion of smaller indust bldgs into lofts are a more solid [literally] choice anywhere in these BK waterfront nabes. [-see W. DAVIS, CRAINs NY Biz. OCT 6-12and Dec 1-7 2008].

The resulting demographic and neighborhood changes are also driving established local retail out and prices are going up for everyday goods surpassing what happened back in the 1980s boom. The limited amount of condo buildings on market and their high price compared to huge number of [umm is it called under-captialised?] existing rentals increased the speculative sales of "portfolios" of rental apartment buildings to REITs with deep pockets, especially way uptown and in the "outer boroughs" [yes, the Bronx too] at prices of hundreds of million$. The goal is to cash in as they push units [and tenants] out of rent stabilisation to make BIG friggin money by any means. At 47e3 owners Economakis are trying to evict ALL tenants out of all 15 units of 6 floor [walk-up?] building [there 1 fl retail] - so far, courts are going along with their crap story that they want to create a "super-apartment" for themselves and move in from Brooklyn to the whole place! Looks like a tear down/ conversion coming up..would the city penalise them if this becomes true?? [-see local NYC papers 6-4-2008] Owners can evict from apartments for their own / family occupancy.

HOLLOW NEIGHBORHOODS

How many pied-a-terres can they build for empty-nester early [1945-early 1950s] baby boomers selling their suburban houses for smaller Manhattan pied-a-terres their kids can use for the mean time or for their own moves even to Brooklyn or Queens if they want less of a space-price shock? Approx 1/3 of new condo units in Manhattan the last several years as the EURO rose were bought by owned by foreigners. Corporate investment/ speculative investments make up another large amount. Abesentee owners overall are a near majority in some new "trophy" condo buildings. Foreign buyers of multiple units for "investment" have an interest ONLY in keeping non-regulated rentals of their units as high as possible, rents set according to figures [survey/studies], not any hands-on common sense. What are they gonna do now as prime Manhattan or better Brooklyn area property values peak or decline, or the luxe rental market softens? I do NOT care if they loose $$, only that the system / the new world of real estate financial instruments is rigged to cover their losses on the taxpayer's back.

In FEB2007 one Manhattan real estate firm said second homes represented 10% of ALL Manhattan apartment sales. In next tier down for high end co op and condo area, accelerating semi-legal hotel use displacing RESIDENTS for corporate and tourist trade is also draining neighbourhood life away [See MORE->below]. **REVERSE 'Robin Hood' and reverse red-lining** Property taxes for rental unit bldgs were increased under Bloomberg while taxes other types of properties generally decreased through the Mayor's combinations of increased assessments and tax rebates, so that co ops are taxed lower than rentals and condos the least of any housing [while they have the much higher median-income owners]. Early 2007 "[R]ental buildings are taxed at an effective rate 5.5 times higher than that of co-ops." [-Acitelli, NYSun 1-24-2007, "Sky-High Property Taxes Give Renters the Shaft"].

Real estate cachet took maybe a hit for 5 minutes [moreso than actual prices] way uptown and in Brooklyn as A-C service was disrupted greatly for several months, unexpected surprise because it was first announced that service would not be "normal" for 3-5 years as a typical archaic NYC subway switch room is rebuilt. Various heavy rains repeatedly cause floods and multi-line shutdowns.. It shows if there is another real "attack' or incident we're really f___] because it suddenly seems all to easy to stop the NYC subway system dead.

Middle class flight: Whether intended social engineering or not, the influx to Manhattan and parts of Brooklyn makes them exceptions in this entire region with a gain of NON-hispanic white residents. And the majority of those STAYING in NYC make under $40k OR over $250,000 a year. Those making between $40k and $60k a year are leaving en masse. Twice as many people move out of the city than migrate each year, according to the Sept. report from the NYC Comptroller's office based on newly released census figures. Yet the population is going up...[-"Census Shows Middle Class in Flight From New York..So who's is sticking around? The rich and the very poor. Time to find a roommate!", T. Acitelli, New York Observer, 9-24-2007] Do the math - immigrant [and some other's] babies! While traders and some some law associates can use Christmas bonuses to buy or put money down on a condo, majority of young new comers NYC OF 20 - 24 y.o. "RECENT GRADUATEs [2006: US census figure 564,624 probably is under-count] most others such as those in advertising, editorial and publicity assistants are starting from $30,000 to $35,000 forcing tight outer borough apt. shares. Most "homes" in Brooklyn and Manhattan were built 1939 -or before-, the majority are 3 rms -[is 1 br.apartment] in Manhattan or 4 rms. in Brooklyn and are shared.

The percentage of income spent for housing matches price rises- no-win except for the few at peak of the pyramid. Increasingly dense neighborhoods are NOT served by any new infrastructure [notably new transit, unlike the early 20th cent booms where lines were built into country-like -undeveloped- areas]. Evictions greatly increased areas that are still heavily early 20th cent rent stabilised- in northern Manhattan residents are mobilising to reign-in landlords who evicted 16,000 units in 2004 which grew to 19,000 in 2005. Condo fever gripped every segment of the economy, even "Nonprofits Look for Cash, 'Salvation' in Real Estate" [-Stoler, NYSun 3-8-2007] selling off investment properties for condo or commericial development, even to the point of Salvation Army evicting elderly women from the "Parkside Evangaline Residence for Young Women" DONATED to them in 1961 - housing temporary and permanent residents including the elderly, and another residential bldg similarly donated for this use! The one on Grammercy Park location 300 rooms are gonna be gutted to become 14 single floor thru and 1 penthouse duplex condo. Even Watchtower Society [Jehovahs Witnesses] cashed out on 6 of 18 Brooklyn Hts properties in 2007, after bldg elsewhere to take care of its people. But unless these institutions partner in development or long-term lease of the land under the new buildings may regret canibilising future space to grow on for lots of cash now. Neighborhoods loose parts of their souls, too.

NO Vacancy.

The shortage of affordable [but not by government subsidy] units in NYC will never end without the strongest legal remedies and unprecedented [for NYC] cooperation of big developers, real estate interests and government to drive out organized crime, reform construction unions, suppliers, contractors and massive NYC regulation. [Nov 12 2003-]Manhattan Institute finds gov regulations "a form of tax" making up to 50% of cost in "median condominium" in Manhattan alone. Bloomberg doesn't deserve much of the good marks he gets. If he cannot take on those vested interests then who here can? The appointment of a Mayoral Advisory Commission a few years ago there is finally indication of coming adoption in 2007 of a revised building code based on recognised other widely used codes, a first in NYC and first major changes since 1968. A start was in DEC 2005 the revised Plumbing Code was adopted and further revions also came along but the oerall system stinks. Corruption still plaques Dept of bldgs in 2009. Construction accidents and collpases are common. Not enough of a break from the long record of failures by prior administrations! Bloomberg also has troubles standing up to unions that BLOCKED implementation of any of the recognised, standardised building codes. But NY State action is needed on other matters of reform, including onerous construction liability insurance. Bloomberg made LITTLE progress cutting through CITY permits cancerous regulations and BUILDING DEPT bureaucracy to enable timely, less costly, less corruptible construction as still the major "reform" was architects-builders self-certifcation of projects. Abuse and pushing the envelope of building codes increased with pressure to build more, faster . [See MORE->]!

The area of highest Manhattan vacancy JUNE 2008 was the Upper East with less than one and a half percent; just a little more than MANHATTAN over-all of 1.21% -[CitiHabitats figure]. In 1996 the NYC vacancy rate was 4 percent. Finding Holes in the Housing Bubble" op-ed NYTimes 8-28-05 David M. Muchnick cautions us in the last *DECADE* [to Y2000] 34,071 units were built in MANHATTAN but even there, the net increase was ONLY 13,017 due to all reasons from demolition, conversion to non-residential use, etc. and that WITHOUT the addition of 14,158 of them as fed low income tax credit units, Manhattan would have "suffered a net loss of housing! The shortage of affordable units means that approx 49 percent of 20-34 year olds in NYC outside Manhattan live with parents or other family-adults etc., making for an estimated unfilled need for ONLY this category of people in NYC+nearby suburbs of 67,000 to 100,000 units! Due to the condo conversions there was a 0.2%% DECREASE in rental units in 2006!

Acknowledged to be the BOTTOM of barrel -the Bronx- poorest county in NYC, and US- PORT MORRIS industrial area S/E Bx few houses in this really desolate place are being listed for over $500k - low mortgage rates and high rental price driving up prices but not hurting demand for 2-3 family units in these poor but upcoming areas. Across in the west Bx, another "difficult" but a residential area, 1-br rentals mixed income partially publicly financed bldg are starting at $1,050. [2005 or early 2006]!

"Boom"? A majority of units in NYC are still rental and the median income of rental households adjusted for inflation decreased, after an increase ending the 1990s. It can be shown that City -BLOOMBERG, for now- made it MORE difficult for builders to build new affordable NON-SUBSIDISED units as *could* be built in the boroughs. The [421a] was put in place in place in 1971 mostly as a way to defer large property tax increases on co ops and condos which pay almost 6x amount of taxes as the amount is based on up to 45% of assessed value vs. 6$ for single to 3 family houses; the "affordable" units goal was added as a social benefit. As it evolved, 421-a defied intents to enable creation of modest lower and mid-middle income housing by chiefly subsidising creation of luxe housing in the prime Manhattan "exclusion zone" by passing part of the subsidy to off-site units. [Gelinas, NYsun, 10-23-2006]-NYC writes off $400Mil in taxes of year on 421-a benefits for only 8% "affordable" of 100,000 total units involved. Even those RICHARD MIEIR condos in the West Village got 421-a benefits of long-term tax abatement by buying "certificates" from outer-borough builders of "affordable housing" units and TRUMP Place is going to "..receive $12 million in tax break for paying $2 million in certificates."[-Schuerman, "Mayor Faces Pitched Battle Over Breaks for Developers", N Y Observer 9-18-2006] so it drives UP the market and increases taxes for the rest of us trapped the middle. SIXTY-SEVEN percent approx of NYC households [moreso - approx 76 percent in Manhattan!] are renters, but the LOCAL tax system steers its benefits to owners, not renters. A major component "New Housing Marketplace" initiative is creating "mixed-income" low-rent units on a quota basis, in new bldgs alongside the market rate units at 5x the price- this new apts in luxe bldgs actually forces up market rates even in other rental bldgs, and most new apts being built are otherwise condos, 98% of all new units built in 2006 were condos.

Its open talk of the bubble, and since bust of sub prime elsewhere, hardest hit and most regular ol foreclosures are in borough "emerging" areas which also have highest percentage of sub prime financing. Hagerty, Wall St. Journal "Housing Slump Starts to Hit the Stronger Cities: Supply Grows, Prices Weaken In Northwest, North Carolina; Manhattan Looks Vulnerable" 1-24-2008. Wall St. firms lost $100billion+ on morgtage related securities.

First quarter figures of 2008 show the very most exclusive [Plaza Hotel, 15 CPW, Trump Park Av] condos reached the stratosphere of about $6000 sq ft. which lead to some buyers flip looking for MORE! The -average- luxe apt. price in early 2008 rose to over $2500 sq ft [from $1500+ just 2 years earlier!] such as Tribeca and W Village 'meatmarket-gold coast' properties and prime townhouse prices going from $2,000 to $3,000+ sq ft. though number of sales is peaking with a slowly increasing inventory of those, which [Abelson] NYObserver 10-13-2008 got numbers showing a steady increase in listing of superluxury $15mil+ properties, 168 on OCT 6 2008 was double that of "autumn 2006. The handfull of $40, $50mil++ top apts and townhouses are taking some time to sell, though, especially if asking prices is raised too much over any sale of the last several years. Some "vanity priced" are OK with owner to sit on the market for a while anyway, which hover at least $3,000 to $5,000+ sq ft area, though DEC 2008 one singular sale reached over $9,400 sq ft!

New York follows in time the national financial trends. Money increasingly went [2007] into some more rental construction in 'stable' neighborhoods than there was for a few years. Even in the rapture of the recent "boom", the NYC *metro area* was only 3rd in US[!] in new housing construction and of 57,000 units approved in 2004, ONLY one-third were in NYC! A peak for sure, 31,918 residential units were approved in 2007 in NYC itself is a record no. since 1972. But [Aug 2006 from Census Dept published housing figures-]-NY State had less units built in 2005 than "the Arizona County that contains Phoenix [-NYSun 8-22-06]. By percentage NY was second worst of all states, by actual number is 20th in units built. NYState DHCR is so proud, they say "Since 1995, $11 billion has been invested in affordable housing in the state." That crap is what gets us into more trouble...[read further into this "page"]. The figures are reasonable but not 100% accurate because of criteria and methods of counting but there is no denying the lack of jobs in NYState and appeal or necessity of living in lower-taxed and more pleasant climes.

TRUMP [departed long ago from his fathers development roots], Millstein, even Zeckendorf and LeFrak [departed from his roots but also gave later to NYC hassles and stopped building in NYC altogether] et al. make very good money building ONLY for the upper middle class and the rich; there is no incentive to do otherwise. AMONG all big housing constructors, LeFrak said ENOUGH of over-regulation, high taxes, corruption etc, and stopped building in NYC after his Battery Park City apts were first things in early 1980s built there. 9-11 and hundreds of million$ went from government to developers and landlords as a bonus of sorts thru subsidised tenant leases and taxpayer subsidized bonds to a rich market that did NOT need it. The area still needs a big clean up! Facades of all but "Class A" and luxury office / housing are dirty, sidewalks are similarly in poor condition.! It is shameful compared for example, to London City. Landlord subsidies are influence peddling...fear and greed after the attacks wrapped in a premature prediction of the death of Lower Manhattan! These subsidies continue TODAY for businesses relocating downtown chiefly for large financial services sector -oh yeah show THEM the money! Residentially this is among the most desirable parts of Manhattan and acknowledged to be a "world-class"] neighborhood. The residential market boomed like never before, families are already a quarter of the population in 2008 and the population is expected to grow from Y2000 [census] 34,420 after huge number of co op and condo conversions of class B and older office bldgs. and new apartment towers to 65,000+ in 2102-13 as "known" apartment construction is completed .

"Liberty Bonds Yield: A New Downtown" -

Our politicians love to show how much they are doing to create so-called affordable housing.

A huge number of "affordable" rentals other than Mitchell-Lama disappeared with the removal of an escalating number of rent-stabilized units [6,406 in 2002, 8,402 in 2003, 13,024 in 2004 etc] + tens of thousands more since the 1980s all pushed off regulation by passing on renovation-repair costs or becoming co-ops or condos. The percentage of regulated units went down to 51.5% from 77% 40 years prior. CRAINs NY Sept 29-Oct 5 2008 put the number of number of large and mostly away from central Manhattan apt. complexes at 580 bldgs with 40,000+ units on or near being on "watch" for default on their re financed investment bank loans.

Aside from wayyy outer-borough new semi/attached homes sponsored by church groups and such, there is not ANY new "affordable" housing unless it is mixed into new luxe buildings. The bust late 2008-on is slowing or stopping that.

CRAINs NY Business [Jan 7-13 2007] acknowledged "the mayor's affordable housing program doesn't include a large segment of middle incomes households"; they also said "Hardest hit are families making $80,000 to $150,000 a year, including blue collar workers and professionals such as teachers and midlevel managers. ONE new development for -NOT the poor- approved by the Council NOV 13 2008 is Hunter Pt. S. [QNS] 5,000 units for those with [min $36,800 single person $55k max] to $155k max [large family]; who amongst you understand the financing, how much is the taxpayer obligated to subside rents and for how long?

These "mixed income" units have very complex government interventions/ subsidies, tax exempt bonds, grants financing/ non-profits partnering to bring them off and they still have very strict income limits. This is NOT a sustainable model. [Zacks in->] METROPOLIS mag OCT 2008 seemed enamoured of the affordable NYC "New Housing Initiative" perhaps mostly from a design point of view, because they are not in traditional "projects". What is the point of his comparing fit and finishes of condo units of these new buildings with the "affordable" units? They can never be equal; he was just more surprised that they did NOT cost so much lees to build. It should all cost less to build! THAT is the NYC PROBLEM. Costs and income [class!] have to intrude even here in this architect's / designers mag...article quotes typical rent of $729 for income of $29,178[!] maximum, which is 60% of median NYC 2007 income of $48,631. THAT IS THE WORKING POOR in NYC, not even lower middle class.

Bloomberg announced DEC 2002 goal for Y2008 to "preserve or build 65,000 "affordable" units. In 2003 10,200 units done under the goal and 16,000 units supposed to be available by the June 30 2005 end of FY 2005. The UFT/ NYC teacher's union in solidarity with carpenter's union over the developers use of non-union, non-"prevailing wage" labor was to use pension funds partner in a 4.5 acres mixed-use [retail-college-parking] with teacher's housing but DEC 2007 backed out and will prob sell their $28mil in bonds. The developer had already gotten the lot nearly free from NYC and 25-year real estate tax exemption. JUNE 2007-Housing Development Corp said they "need another $410 million worth of bonds to go forward.." with current plans to "build and preserve 2,285 affordable apartments in low income neighborhoods throughout the city.."

For myself and middle-middle class who choose to or have to stay in NYC, the market causes us to be rent-poor! The message is *get out of NY!* You can make $80k+ and be "rent poor". Squeezed out with n-between incomes -too low for ANY new free market units in the city; $1400+ can still too little for a single person to find something in old buildings in secondary [and worse] areas and too high to be eligible for so-called "affordable" housing: various Mitchell-Lama, limited-dividend or other subsidised apts. A six-figure salary can make it possible to just handle late 2007 median rents in Manhattan [into lower Harlem] for a non-doorman 1-br approaching $3,000 month thru a broker. Apply for a subsidised apt. only if you make approx $21-23K without a family, or with a little higher income with a family. Mr Cuozzo, an editor of NYPost bashed ["A False Panic" 9-5-06] the rent stabilised as spoiled "entitled labor" class, invoking a stereotype as unfair as those of his liberal regulatory boosters. The stabilised renters do still have protection and have some good or great deals the earlier they moved in, still lots of complaints..Most regular average Manhattan hirise units [not the top luxe ol apts] are sold in conversions at just under $600,000. If you have a small down payment and reasonable credit, subsidized CONDOS in Harlem and fringe [kindly sold as on the verge..] areas in the Bronx, Brooklyn are available for several hundred thousand or so.

At least 20% of the units in typical new developments must be reserved for low-income households (with gross annual household income for a family of four under $31,400). At least 15% of these low-income units must be set aside for very low-income families (with income for a family of four under $25,120). Approximately 30% of the other units would be set aside for "middle-income" families (with income ranging from $37,680 to $100,480, based on a household size of four, paying 30% of their income in rent BUT in high taxed NYC this means rents over 50% of net income.) Bloomberg's govt [public subsidized] business-as-usual approach in coercing private development to provide some "affordable"-for those so deemed eligible low cost units, the Exec Director of NYS Association for Affordable Housing Bernie Carr wrote [letter to NYPost 1-10-05] the Mayor clearly "understand that affordable housing...cannot simply be left to the market to provide." F__ them, the market provides NO true affordable housing for a vast segment of the population in no small part due to government.

In the bad ol days during Kochs time the city enabled black church-related sponsors in Brooklyn and community groups in the Bx to construct no-frills family sized units that changed the burnt out landscapes in areas where there had been NO construction since the all original apartment bldgs etc. December 2004-"Bank of America Creates $100 Million Housing Fund" [-NYTimes 12-11-2004] -a loan fund for 3,000 subsidised co op units for $120k-$250k in 5 years, for families of 4 with incomes $40k-$60k, prob to be constructed in Harlem. PLUS add $10mil from NYC Housing Dev Corp -for what, I don't know..creating these units takes a vast amount of taxpayer money and govt resources to make up for a broken, corrupted real estate-construction-development industry.

Many of the new rental apartment buildings in Manhattan that have rent stabilized units [expensive but not top end] are built under NY State tax-exempt private activity bonds with a second mortgage offered at a 1% interest rate to finance multi-family rental housing. In return a max 20% of units set aside for true low-income or mixed low-"middle" income families. Occupants are selected by lottery. The long-standing Fed Section 8 subsidy provides NYC approx 118,000 rent vouchers of $1Bil value. Additionally, there are approx 420,000 persons in the city's 345 housing projects. These organizations continue adding some units. The Mayor's grand housing initiative "The New Housing Marketplace 2004-2013" led by agencies HPD and HDC [NYC Housing Development Corp] outlined a $13.5bil plan to create and "preserve" 65,000 units of "affordable housing" by 2013. Some of their efforts so far produced defective construction - NYPost [4-19-2006] quoted labor leaders as HPD program to build more units at lowest possible cost led to cutting corners.

Late OCT 2004 "..the Enterprise Foundation, a national pioneer in advocacy for the poor, said it would create a special $1 billion fund to help finance it."[-NYSun Oct 22-24 20004]. catch 22-affordable units are for low income or modest income and *lots* of kids only. FEB 2007-Christine Quinn [City Council speaker] said give a tax credit $300 to renters -[must be approved by "Albany"] sure but singles will be eligible only up to $41,000 income. Affordable housing and Rent Control for BPCA Condo Owners: State-owned land of Battery Park City is ground-leased to the condos by the Battery Park City Authority. In JAN 2009 the State gave a present to the condo owners by changing ol ground-lease agreement saving them each many thousand$ by LIMITING the 'rent' increase to 25% over 15 years, which is $56.1mil less overall and some millions less $$ to that mandated funding from it of 'affordable housing'. Funds were um siphoned away for other uses from that fund since it began and in APRIL 2005, with State [Pataki] cooperation, $130 mil more added from Battery Park City $$$ funds of revenue that was promised back in 198_ as part of the construction deal. A Williamsburg-Greenpoint waterfront program to rezone indust area to add 3,538 "affordable" units [out of 10,318 total] and some parkland all made possible by government grants and subisides was announced by Bloomberg 5-2-05.

Though we are accustomed to top high rental prices in MANHATTAN for a 1-br being DOWNTOWN for prime W Village thru Tribeca and SOHO, a few places in the East Village match those prices [way over $4k!] Some of that price pressure dropped or was balanced over a wider NYC area as many of these newcomers to NYC left or skipped Manhattan for Brooklyn, pushing rents particularly in Park Slope and Williamsburg higher than LES and Hell's Kitchen ..though they are OK with the prices because more space and-or a yard is included -if on ground floor of the rowhouses and small bldgs there! Post fall 2008 bail outs insanity job looses are leading many of these young financiers/insurance/publishing people on the lower rungs to either "go back home", or if more in demand to accept job offer west or far far east [even mid East]! We have not had anything like this..this is not the same as the decades-long postwar suburban flight of families from NYC.

Luxe new building 1-br rentals [early 2009] were as high as $5,000[-Platimum bldg listing 46st] despite average "10 to 30 percent" rent 'decreases or incentives of the other bldgs. Luxe lofts rent for tens of thou$. CitiHabitat figures released DEC 4 2008 showed rent decreases 4 months in a row overall. Their lowest average Manhattan rent S of 96/Upper East studios were $1,600 after 1% price drop/ 1 br $2,228 with 2.6% drop. Real Estate Group NY figures [in 1-8-2009 NYPost] were a bit different [actually higher], for example non-doorman Upper East studio was $1,751. CitiHabitats Manhattan [S of 96st] rent figures [-NYSun 7-31-2008] for JUNE 2008 were $1,965 studio, $2,668 1-br, with lowest rental prices in Washington Hts. are less then half of that downtown. Beware of those numbers, better doorman large 1-br. Upper East bldgs rent fall 2009 are in top out $3500+ [to $4500+ in 'special bldgs'] range but then over for $4k you might fnd a 2-br in newish hihrises east side in or close to midtown.

Brooklyn had widespread construction and rehabs since the late 90s accelerating greatly 2005-2008. The bust has hit, rents wer negociaable down in better units in fringe areas and at the top, first quarter 2009 [Pru-DougElliamn/Miller Samuel #] Brooklyn 'brownstone" prices deflated to to median $1.08 mil! Crain's NY [Jun26-Jul 2 2006] showed price in thes "hottest" areas [DUMBo, Williamsburg, E Williamsburg] of Brooklyn actually peaked with condo and land price reductions. Oh so they must all be going to Red Hook where it was just said prices were going crazy [for a while..] In downtown BROOKLYN early 2007 were 3,991 opened or under construction condos units plus 1,140 more planned -opening thru 2009. Crowning conversions in downtown Brooklyn was the ol Board of Ed bldg, the Williamsburg Bank tower condos [1 Hanson Pl], opening prices JUN 14 2006 from $350k to $3.5Mil -early 2009 of less than 20 percent that did not see, they are going to be rent-to-own. The the ol NYTel bldg. at Metrotech condos pre opening prices 2007 were $500k-$2Mil. Top price in Brooklyn for a house in 2005 was a Bklyn Hts rowhouse for $8.5 mil.

Hundreds of new units are being built now along or off 4Av in S Park Slope [mid 2006] joining a multitude of new bldgs along the S Slope streets completed since the late 1990s, even extending a few new bldgs [to other side of the Gowanus] in S Carroll Gardens. Mar2005 the Times noted over 100 small and mid-size apt building projects completed and under way in the Williamsburg-E Williamsburg area. These new low-mid rise apt bldgs and warehouse rehabs to condos are reshaping much of Williamsburg - Greenpoint, lower Park Slope, and what were other marginal areas or poorer areas in Brooklyn. Increasing prices pushed real artists and first time buyers east to formerly "untouchable" areas such as East Williamsburg, Bushwick [i.e. Opera House Lofts, Arion Pl, opened Sept 2003] even Ridgewood to a minor degree so far, or leave Brooklyn for far South Bronx [Mott Haven] encouraged there esp since 1997 rezoning and even the new far-off "6th borough" Philadelphia estimated 8,337 NYers moved there since 2001!

Modest ol apartments in Brooklyn are at levels that used to buy a fixer upper row house - price for a studio [465 sq ft] in the plain old downtown Brooklyn Concord Village co op hi-rises [fall 2005] reached almost $200,000 and surely higher since. New rental rehabs of some of many former factory bldgs between Bed-Stuy and Clinton Hill Brooklyn continue at record prices. The overall demand has been high for years..even in such places as Prospect Heights in Brooklyn [the Times printed 3-8-2000] old Daily News printing plant converted to condos $315,000 to $1.3 million [note: JAN 2003:7 units left] in this still generally industrial area [but factories continue to close, move out, city business policy, taxes hurt greatly] - TAAFEE PL, a couple renting $3,000 month 1,800 s.f. loft was highlighted. The first major condo conversion of other industrial building. in Williamsburg became available in 2002. Greenpoint, Ft. Greene-Clinton Hill condos also started to open at under $200,000 avg. $300,000 and swiftly climbed thru early 2008. The showcase bldgs 2005-06-07 in S. Williamsburg are the higher priced GRETSCH conversion and nearby new waterfront hi rise Schaefer Towers; beware of problems of local transit and shopping.

NYC SOONERS The big story of Mitchell-Lama now is not what current tenants are fighting to keep. It is that the gate is literally closed permanently. 37.9% of these units were lost to the program since 1996. These schemes are short sighted short term fixes we also see all the 'affordable housing' schemes at 20-30 year deals! Many but NOT all tenants can afford to pay more, or move after the abrupt change from a type of socialised housing to free-market anything goes set up by the government and developers are evil. The Mitchell Lama act seems a flawed time bomb set to go off after the 20 years or so spans for original mortgage-funding agreements expire or mortgages are paid off. Why doesn't the taxpayer have a stake in these income quota-limited non-profit-subsidised complexes [under a scheme I still do not understand]? The last new apts built under this program, whether rental or non profit co op were completed by 1978. You have to make UNDER a strictly set limit to get in but you can stay if you make more money. You have to report income and are subject to a rent surcharge. For some, Mitchell-Lama units built and occupied before 1974 are subject to rent stabilization rules if they leave the program but the "cooperators" may lose their shares if they cannot pay higher charges.[-It is confusing- I have read all these things] I just read about Orloff Towers [Bx] re-voting on whether to leave the program and I have read landlords [such as at Mason Mint] deciding to leave Mitchell Lama - there are variations.

One of the biggest cases of disappearance of "affordable" housing at Stuyvesant Town-Peter Cooper Village in the late the 1990s. METLife cut off people on the waiting list for rent-stabilised units and starting renting some at market rent while it prepared the complex for sale. I was called for a 1-br apartment in the late 1990s after nearly 4-year on a waitlist but then I was dumped, turned down because I made a few thousand $ LESS than their minimum requirement, and YET I make more than the average city worker. PCVST housing project-ish complexes were built with government assistance though eminent domain and subsidy. For its first few years MetLife kept it whites only, couples only, Vets preferred, NO jews even. MetLife prepared for the sale by emptying units, rents increases as much as possible thru upgrades and such, and evicting lease violators [non-primary residences or sublettors]. By 2006 25% of the 11,200 units in 2006 were decontrolled, Tenants organised with support from local politicians and community groups submitted a more modest but futile bid of $4.5BIL buyout deal; Unions, community groups and the govt [mostly thru tax abatements] were ready to assist. The complex deal/funding scheme at the heart of their bid was to keep some units 20% rent regulated, sell 20% at a controlled price and rent 60% at market as they became vacant. MetLife accepted a bid of $5.4BIL from Tishman-Speyer with BlackRock Realty [MerrillLynch as a major investor in it and financier of the deal..] was announced 10-18-2006 at a profit of $3Billion making an average price about $482k per unit despite the high number of rent stablised units and the dated architecture and apartment layouts. In actuality, Tishman only put down a bit more than 1% or about $56mil. The first mortgage with mortgage-backed securities is $3billion. A $1.4bil 2nd loan is "held by SL. Green and others" and $1.9 bil more equity of Tishamnd/ BlakcRock and investors' - who are now losing it: for example SEPT 1 2009 the Florida State Bd of Admin. was told it lost all value of its $250mil purchase in 2007 share of Tishman-Black Rock limited partnership. By late 2008, Bonds of mortgage/financing their 3 major loans were downgraded by S&P and then Moody's and again 'several mortgage securities' by Moody's. Tishman and partner[s] NEED MORE capitalization at latest by 3rd quarter 2009. Tishman + partners $3bil+ debt over their notorious StuyTown buyout is rising and the value is down [10% they say] 50%, rental income down 25%+, by summer 2009. The reserve fund will be depleted near the end of 2009 and default could happen from then into FEB 2010.[-see Bagli, NYTimes 9-10-2009] The fix up /capital improvements, regular maint. costs, cost of eviction efforts are skyrocketing. Tish-Spey said they boost rents by "leveraging, adding value" with [for a fee] new amenities and services marketed and branded towards young 'cooler' tenants willing to pay the higher rents too. Cost cutting measures were rolled out [desperately?] after being burned by reality of the law and other difficulties of pushing out regulated tenants and pushing up unregulated rents much higher than they already have and [documented] woes of declining maintenance 2007-2008-on abound. Vacancies in early 2009 were at all-time high, of course concentrated in the market rate units, so all time high so more apartments are being marketed to students through NYU et al. A rent increase is coming in 2009 by "savings" the owners cost of electicty; individual electricity meters are being installed. Tenent service calls are already outsourced to an Indian call center[s] and it appears there is a lower standard of maintenance/ service response to the rent-stabilised tenants. [-See Whitehouse, NYPost 10-23-2008] Remember, NO central air, only in late 90s was the place rewired to enable using window unit air conditioning. But pay a $250 fee and you can have a small dog too. New free-market renters starting AUG 2006 1-year lease renewals got 23% increases, as Mr. Carpenter, a tenant wrote to the NYTimes 9-5-06 plus an additional rent increase on unregulated units of 18.7 percent in effect FEB 28 2007. 2006 move-ins to renovated PCV 1-br was $2700. The youngest new tenants commonly share apartments, which included option to partition a bedroom from the living room of the large PCV 1-br units. Vacancies at StuyTown rose to between 5 and 10 percent; still to empty regulated units and make big $$ until higher priced leases are signed, units were filled in agreement for NYU student housing. 3,800 units got basic fix-up for this "market rate." PCV lease renewals and move ins became way over 3k: 1-br $3275+ 2-br $4450+! with offer of 1-month free rent ->8-20-2008 PCV 1-br advertised at $3450! The smaller StuyTown apartment rents advertised SPR 2008 1-br $2750+, 2-br $3800+ and in Village Voice JUN 11-17 2008 ad was 1-br $3025+, 2-br $3610+! SPRING 2008, a limited number of Peter Cooper "Modern" units started renting for ADDED 5% to 8% over top price with condo-type fixtures and finishes. About the same price but a step above PCV-Stuy-Town, NYTimes 1-16-2007 quoted a Director of CitiHabitats estimate of $3,846 for 2-br in a doorman buildings east-ish of Grammercy Park. The $3K figure will get a many 2-br units in great areas. A class-action lawsuit JAN 22 2007 sought to roll-back the free market rent increases claiming J-51 tax benefits agreements valid thru 2017-18 for Stuy Town precluded converting the apartments to free-market with these increases. Another suit being heard SEPT 2009 charges owners with illegal deregulation of units could now break the PCVST deal if the owners lose, plus affect many other landlords. TAX breaks and govt subsidies ended over 30 years later, so to reap big $$$, owners of Starrett City [towers at Spring Creek] were hot to sell. Late FEB 2007 FEDS killed deal..until AUG 2007. Best big public excuse was the bad track record of violations etc of new owner. ..but no one understood how rents could be kept modest or what long term plans of Clipper Equity LLC could be for such a "B" location could be unless they want to build more. Most tenants are either Section 8 or original Mitchell Lama since 1975 As-of-right there are combined several million sq ft of developable of mostly community and commericial use allowed, but zoning change the [oh can you say grea$e up the politicians?-who so far are not going for it] balance to residential. Tenants made sure any means were used to deny the sale of Starrett City 5,881 apts for $1.3Bil[=$221,000 per unit] to a developer in 2007 complete including the on site power plants, shopping and other facilities - with an end to all the rent deals he tenants had. The tenants fought back aligned with politicians and some Unions/activist groups forcing owners to deal again to get the owner a good profit and use the system to protect the rents who had a mix of rent stabilisation and Section 8 prices. No one had enough financing, values went down, largest offer of $700mil could not be accepted and "Starrett City Associates" stopped the offering Feb2009 and so far indicate they will stay Mitchell-Lama. Don't cry too much for owners and beat up tenants, some of the largest real estate interests in NY [yeah, even TRUMP was one of about 249 'silent' partners, who knew!] government paved the way for another good housing deal for lower-middle income tenants and profits "100 times over [?]!" for these owners who wanted much more at the height of the real estate bubble.

What gives the RESIDENTS rights of co op type Mitchell Lama buildings to keep the proceeds of selling at full market rate when a building leaves the program? Under Mitchell lama, shares for an apartment cost between approx $11,000 to $16,000. [Market] sales are for generally 10x that amount in the Bronx, Brooklyn and way uptown. In the newly hot in-demand areas- for example lower east side [can you believe it]- recent selling price [mid 2005] for 1-br 19 flr. unit w-terrace at 208 East Broadway Mitchell Lama [Grand St Houses or the one next to it] was $555,000 [maint $636] after being on the market a month and a half and by broker Prudential Douglass Elliman! Some people are willing to pay these prices because they compare it to neighborhoods not far down the road like Soho, Tribeca, the East Village. How do the existing tenants keep all that $$? Owners of these developments began finishing their original mortgages; 43 developments with 17,000 units so far have gone free-market thru fall 2003. The others left staying within the plan are opening new places on waiting lists by LOTTERY, so forget about it. Free market prices are about 30 times that of the subsidized Mitchell-Lama prices, *profits* going to current tenants and the building's fund. Why doesn't the State [or the housing program get some of the profits?] - agreements and tax abatements continue into 2018. How do we [taxpayers] give a gift of an apt to someone who has already had a big rent break for many years on these units? The 2005 "Tenant Empowerment Act" City Council NOV 2005 overrode a veto by the Mayor that entitled tenants of converting Mitchell Lama bldgs to get 'first right of refusal' an entitlement to first chance to buy or remain for 6 months past any sale, was voided [pre empted] by State and Federal regulation by the State Supreme Court APR 11 2007 in Manhattan. Now I am not sure what this will do to renters in these buildings! Following are some of Mitchell Lama buildings that left or are leaving the program. Mid2008-"birthplace of hip-hip" 1520 Sedgewick, a Mitchell-Lama bldg. [BX] owner can pay of the mortgage and so be free to leave the program or charge what they want are apparently selling at way over appraised value an investment group. In Brooklyn Hts. high-rise 75 Henry at Cadman Plz. West privatized out of Mitchell-Lama over objection of long term tenants. [orig. state subsidized price for not-free-market-coop units was under $10k]. There may be more Mitchell-Lama units in the boroughs than Manhattan, but the prime-located ones in Manhattan seemed to go out of the program first received LOTS of attention. Activist/ well-connected residents of the West Village Houses along Washington St [1973-74] sued and reached an agreement after 2 years in May 2004 to make sure they get rent stabilized as it left Mitchell-Lama program. Mayor Bloomberg announced the agreement May 20 2004. Residents will get rent-stabilized equivalency if income-qualified. $19Mil of interest owed by the owner to [Island Capital] is -forgiven- and will covered by [the taxpayers] NYC and will allow insider prices for the 2-bedroom apt walk-ups for example of about 1/3 or less of market value will be approx $190,000 [-NYSun May 21-23 2004.] In Bk, Units at 140 Cadman Plaza North "[C]urrently start at $8,000 for a one-bedroom, and can go for about $18,000 for a three bedroom. The waiting list is closed." Late 2005-early 2006 Southbridge Towers [next to Brooklyn Br] residents first studied owner's possible move to privatization [so far mid2008 not happened yet]. Manhattan Plaza [opened] 1977 on w42St. Not only are there strict income limits but 70% of the apts are required to be rented to "performing artists" and related crafts. The complex is run under a 40-year subsidy / Section '8" agreement that will end in 2016 or 17 - there will be a LOUD fight then if new owners of 2004 [Related Apartment Preservation, div of The Related Companies] decides to go free market. The owner of Mason Mints 20 Henry St. Mitchell Lama rental since 1975, bought out of its 20yr low-cost mortgage which required low rentals and gave tax abatements with the state. The owner finished the 20-yr mortgage agreement, bought out of the program and sold it for expected free market luxe rentals and not rent stabilized as tenants had fought for. An agreement reached late APR 2004 gave residents who could remain under new high prices a priority on new apts built of the small percentage of subsidized "affordable" for lower income people apts in several luxe buildings now under construction in downtown Brooklyn>. Tenants [Brooklyn Papers 5-22-04] fought a planned new bldg of some sort on the generous parklike forecourt of the bldg that would block views from the entrance side though "...most tenants have moved out of the building as their leases expired, with only a dozen or so remaining who are still fighting eviction in housing court."[-Brooklyn Papers 5-1-04] Sometime in 2005 the building was emptied for a condo conversion which does include a smaller new structure taking away much of the forecourt. Phipps Plaza buildings on midEast side all left the program. In 2003 after 28 years Phipps Plaza West tenants fought with lawsuits that were dismissed May 2004 over a 40-year Land Disposition Agreement to keep the bldgs low and moderate income housing. Rent increases OCT 2003 brought studios to $1,700 to 3 br for $4,000 [which were about $1,500]. Tenants at TriBeCa's Independence Plaza North attempted to form a limited equity co-op to buy out the complex; they anticipated the end of participation in the Mitchell-Lama program. In June 2003 Stellar Mgmt.-Lawrence Gluck bought it [1,345 apts.] and reached a settlement March 2004 allowing qualified residents to remain as the complex is shifts to free market rentals- a large number do qualify for housing vouchers; lower income tenants can get HUD Section 8 which has income limits of from $24,100 for 1 person to $52,450 for a family of 10 all contingent on continuing Federal funding. Dispute that units were illegally changed to market rate units continues.

Landlords of market rate apartments can refuse to renew for any reason! Other tenants are now worried about being on Rockrose hit list.

"To the Editor (NY Times The City section 11-22-98)
Woe is me. Another sob story about poor uptrodden apartment hunters who fork over $3,000 a month to rent a basement in Manhattan. Two or three Brooklynites may wonder why The Times wastes newsprint on such snobbery. But most of us don't care. We're too busy picking hayseeds out of our teeth with our box cutters." Marie Shear, East Flatbush Brooklyn re: earlier Times article about horrors of apartment hunting in Manhattan.

...about 5,000 NYC apartments rented for $100 or so at the end of the 1990s. The tenants in them are basically all there for the rest of their lives.

NY Post 1-10-99 profiled Alan White paying $99.94 on the Upper West Side under an individual agreement with his landlord since 1965. One affordable Manhattan neighborhood with pre-war apts is western section of Washington Hts close [the Hudson side.] In 2003-04 MANY apt bldgs were sold and it is likely there will be big rent increases thru renovation allowances and in the best of the bldgs condo conversions coming. Lower Manhattan is hot. A great place in an old bldg converted to apts may sound ideal, but if you are only renting beware of a few older converted office bldgs. with odd shaped rooms if they are small, and interior rooms without a window that can't legally be a bedroom [haha] called offices which might even have the bathroom within.

Stop work order issued for "The Modern" 205 N 7 St. Williamsburg, JULY 27 2007 because builder was punching thru the wall of "L" subway line, directly below! Architect-developer Robert Scarano was cited for violations at 25 sites and was issued 60 stop work orders at 60 of his Brooklyn construction sites of 60 2006!-oh and three workers died at his projects in "past two years" plus he is under investigation by NY State Dept of Ed. for "professional misconduct in some other projects.[-NYPost 8-1-2007.]

*More Bldg. Dept. inspection effort is now spent in enforcing *PORN* zoning restriction rules than in building safety /
violation inspections.- [more-NYC inspector follies.]

The big wave of 1980s occupied conversions was in 1986 with 231 bldgs, 21,776 units. The huge demand for housing mean few bldgs are lost to decay and the number of abandoned bldgs the city owns declined from 100,000+ in 1979 to approx 3,400 in 2005.

The co-joined public (including gov't and gov't union workers) and private (incl. the trades) and the real estate industry sectors intimately equally have parts in maintaining the housing emergency in NYC. There are bigger and bigger profits at stake for the HUGE real estate and development interests here..the small tenant and landlord alike is screwed, but are pitted against each other by these big industries. They are among the biggest political contributors and do not want to upset the system too much as there is so much money to be made.

New York City real estate (the really profitable part) is an international market, with the rich of all countries vying for space to deal in, stay in and party in. The U.N. is but one important example, inflating values on the East Side for many years, now many poorer countries can barely pay for space. Hard negotiations, beyond what has ever been publicly discussed is needed. The city is continuing towards an amalgam. of 'third world' and 'first world'. The PITS and the RITZ. The rest of us have to get out!

Mezzanine debt? Bridge loans?

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