The beginning of the Editorial:
After Tishman Speyer’s disastrous four-year reign as landlord of Stuyvesant Town/Peter Cooper Village, the commonly held belief was that no one could possibly be worse for the community than that company, with its now infamous business model based around goals that were both greedy and delusional.
However, now it seems that the property’s occupying force, CWCapital, is more than willing to be known as the company that’s worse for tenants than the one that lost its investors billions and scared countless tenants out of their homes. By raising the rents at over a thousand units, in most cases by hundreds of dollars and in others more than a thousand or even two, the suits at CW make it clear that they have learned nothing from the historic mistakes of the past.
Never mind that the move is just plain cruel ― as noted by Council Member Dan Garodnick last week ― “a mid-lease rent increase of $900 is nothing less than an eviction notice” ― it is also, quite simply, bad business. By issuing these steep increases on such short notice (the extension of one additional month for tenants to decide whether to stay or go is still short notice), CW has essentially said it doesn’t care whether their tenants stay or go.
Read further at the Town & Village blog:
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