Landlord Uses Rent Hikes to Clear Tenants.
What's notable about this story is that it's the market-rate tenants who are being forced to move out when their rents are raised beyond their means. The rent-stabilized tenants are still protected by the law from such dramatic rent increases.
As we've seen here in the ST/PCV, when CWCapital wants to gouge tenants, it has only one choice, aside from MCI-ing all tenants, and that's to go after market-rate tenants. Of course, with the Roberts' "victory" all tenants are rent-stabilized, but the gouging is still occurring, it seems.
What do you mean "could be"? There's no doubt that it WILL be.
ReplyDeleteSure. If remaining rental, just a matter of time before the new owner lowers the boom. MRs get in at a rate they might be able to afford but the legal rent is near 2x as much. So when the time comes, whammo. Even more reason why for MRs there's no solution other than ownership. You know it's not like the rest of the city is experiencing this. What's different here is the extraordinary churn thanks to students. This really jacks up the rents. Students are the key.
ReplyDeletethis is us. But it will be all of us- MR&RS .
ReplyDeleteDid Verizon really set up so management / landlord et al can view our internet data? Can they track our phone and what we watch on television too?
ReplyDeleteShould this article be of any surprise to StuyTown-PC residents? The handwriting on the wall has been there for a long time. So obviously simple. CW Cap and/or future owners goal are astonishingly simple: clear the buildings for future demolition and redevelopment. 80 acres of virgin land would be worth BILLIONS! The project would dwarf Battery Park City in size and scope. The constant churning and turnovers of the MR apartments make the process easy. Dealing with the old-time RS tenants is a tad more difficult but not insoluble. Remember the Rolling Stones song, "Time is on my Side"? Yes, it is! Eventually, be it in ten or twenty years the RS people will die or move out and voila problem solved. To the impotent fools of the TA with their pie-in-the-sky fantasies, the Guttermans, Tishman-Speyers with their unbridled greed, and of course our feckless pols, I salute you all with a royal f*** you. All self serving, lip serving parasites. The only way I'm leaving is in a box and I plan ( hope ) to be around for a long time...lol. Keep smilin' and chucklin' folks. It's the only way! Peace and love and enjoy the day!
ReplyDeleteThat is why Mr Guterman's plan of taking a stand and fighting back is vital to keeping our homes. Mr Guterman is the only one taking a fighting position against the crimes here and city wide and a righteous position at that. If Preet will investigate and prosecute crimes here it will root out corruption by almost all the landlords in the city and help tens of thousands if not hundreds of thousands residents. PCVST is a one stop shop for precedent of the corruption to be used to help all NYC.
ReplyDelete6:17 The barrier to MR and RS working together is 4 years of a group of MR had an alliance with the Buyers Association harassing RS tenants into shutting up on the NYU dorms, Oval commercialization replacing the Oval Park and the First Avenue Loop business district with the concierge and office buildings. Not all of us MR were a part of the deceit team.
ReplyDeleteThe situations are different for RS vs MRs. For RS, it's more of an uphill grind influenced by MCIs and the Rent Guidelines Board. For the MRs, it's just a matter of hitting the right economic trigger. If that trigger gets hit, then the rents on every upcoming lease renewal will skyrocket.
ReplyDeleteDear NYU
ReplyDeleteStop bragging about the "quantity" of space you take up and start focusing on the "quality" of your education by investing in your professors / students and not land / lame bloated executives!
Did CitiHabitats place the fake Yelp reviews because NYU is paying CitiHabitats to give students a discounted brokers fee for placing students in Stuy Town dorms?
ReplyDeleteThe following resources are available for University affiliates who are searching for rental housing in New York City:
NYU Off-Campus Housing Office
The NYU Off-Campus Housing Office provides assistance to current and newly-admitted NYU students, faculty, and staff who are not eligible for or not interested in NYU sponsored housing. Extensive information is available on the website and at the Off-Campus Housing Office. The office has an online database of available apartments and has entered into a cooperative agreement with CitiHabitats, Inc. to offer a discounted apartment broker commission to the NYU community. Contact the Off-Campus Housing Office for details.
NYU Law School Off-Campus Housing Guide
The NYU Law School maintains a very helpful website for its affiliates that includes a wealth of information about finding an apartment in New York City. Please note that the services offered by the Law School are designed for Law School affiliates only.
The largest third party leasing over priced renovation wall partition chopped dorms deal
ReplyDeleteBob Scaglion
The common denominator thread
Citihabitats - Rose - PCVST - CW - Brookfield
FirstService Residential announced that industry veteran Robert Scaglion has joined the company as executive managing director.
Scaglion brings tover 25 years of experience during which he earned the reputation as a noted authority on real estate sales, marketing and leasing.
As part of the FirstService Residential executive team, Scaglion is responsible for business development, pre-development consulting for new rental developments, re-positioning existing rental assets, as well as developing a marketing and leasing platform for rental properties.
As senior managing director for Rose Associates, Scaglion previously was responsible for developing the largest third party leasing and marketing service for private owners, institutional investors and REITS in New York City.
Before that, as director of business development for Citi Habitats, he was responsible for the creation of the company’s on-site leasing and marketing department.
http://www.rew-online.com/2014/06/12/whos-news-andrew-mathias-named-to-sl-green-board-carlton-group-hires-leasing-director/
Investigating the PCVST Scandal potentially could restore 11,000 RS apartments to Mayor de Blasio's affordable housing plan, expose the few key players instigating a city-wide corruption that is destroying NYC middle class - catapulting local Politicians to higher offices even National recognition because what is taking place in PCVST not only effects all NYC it exemplifies what is happening to the middle class across the country. Address it in PCVST to show the country how to address it everywhere!
ReplyDelete"Did Verizon really set up so management / landlord et al can view our internet data? Can they track our phone and what we watch on television too?"
ReplyDeleteWhy on earth would you think that? That is real paranoia, my friend!
Time to end the Bloomberg legacy of turning our beloved NYC into the world's #1 money launderer and get back our reputation of the city where small town dreamers came to because if you can make it here you can make it anywhere dreams can come true in the many enterprises from Broadway to Madison Avenue to Wall Street to Brooklyn Artisans to Queens Restaurateurs to Staten Island and Bronx. 5 Boroughs of local excellence and not global commercialization sameness. That would be a legacy.
ReplyDeleteTo return NYC to New Yorkers and New York businesses.
All who live here, work here, raise our families here.
To return PCV ST to the Middle Class Community - and not assets of global corporations so I can raise my family here and not get priced out.
We are counting on you Mayor de Blasio. Generations of us across all 5 boroughs,including in ST.
http://www.thenation.com/article/180516/how-new-york-real-estate-became-dumping-ground-worlds-dirty-money#
Since 2008, roughly 30 percent of condo sales in pricey Manhattan developments have been to buyers who listed an international address—most from China, Russia and Latin America—or bought in the name of a corporate entity, a maneuver often employed by foreign purchasers. Because many buyers go to great lengths to hide their interests in New York properties, it’s impossible to put a number on the proportion laundering ill-gotten gains. But according to money-laundering experts as well as court documents and secret offshore records reviewed by the International Consortium of Investigative Journalists, New York real estate has become a magnet for dirty money.
Public officials and real-estate operatives in New York have mostly applauded the city’s influx of mega-rich homesteaders from overseas, with former Mayor Michael Bloomberg leading the chorus during his time in office. “Wouldn’t it be great if we could get all the Russian billionaires to move here?” he told New York magazine in September.
Combine that give-us-your-rich ethos with state and local policies that lavish tax breaks on Manhattan’s wealthiest homeowners and federal policies that let real estate agents off the hook, and the results are predictable: New York is a magnet for the super-rich homebuyers from other lands bearing money of sometimes dubious provenance.
Don't worry, all the Market rate tenants are going to pay for it all.
ReplyDeleteThis link is from 2011. It’s three times worse now.
ReplyDelete“http://www.theawl.com/2011/07/murray-hill-frat-city
3:05 Market Rate tenants are paying only for the overpriced dead weight that is bloating the property.
ReplyDeleteStuy Town Peter Cooper was completely sustainable and profitable when it was 100% RS.
The Market Rate is only covering the greedy excess on top of the actual value we should be priced at.
We don't need any Market Rate rents to run profitably.
4:08 thanks for the article on Murray Hill. It used to be sophisticated and reserved. What a frat slum! Dan Garodnick what are you doing to the 4th district?
ReplyDeleteSo the politicians are helping the landlords to displace the Yorkshire tenants - outrageous!
ReplyDelete8 15 pm?
ReplyDeleteYou are serious or is that a joke? Everyone knows this. It's math. MR pay for everything here. And no, i'm not a MR tenant.
Anony 8.20. You’re welcome. This was the key text in the article:
ReplyDelete<" For further research, we did what every local frat boy in trouble is scared to do—call up the nationals for help. Matt Glick, a New York based leadership consultant for Alpha Epsilon Pi said of his members, "Most often they end up in Murray Hill or places like Stuy Town." >
Sadly, we are now encumbered with a load of debt which was created by the failed, greed-fueled sale to Tishman Speyer, et al. When the property was 100% RS and still turned a profit, there was no debt to pay off. Of course, it doesn't help that we have a greedy "Special Servicer" paying itself astronomical fees and putting its dirty hand in the cookie jar.
ReplyDelete"4:08 thanks for the article on Murray Hill. It used to be sophisticated and reserved. What a frat slum! Dan Garodnick what are you doing to the 4th district?"
ReplyDeleteGetting rich and helping his RE friends get rich. That's what he is doing.
Why the hell does the DHCR need two or more tenants to dispute and investigate the renovation charges on renovated apartments?
ReplyDeleteHas anyone been investigating this? Have MR tenants filed the claim form?????????????? No one doing anything but whining.
Maybe Dan has also realized we're outnumbered, beaten & no one is really stepping up to take on what needs to be done -
ReplyDeleteAnony 10.31 AM . Please read "Other People's Money" by Charles V. Bagli, ASAP. This urban myth, that the new school MR RS tenants (RS until 2020) subsidize the old school LT RS tenants, like the one that RS tenants have BMWs and Hampton houses, must be corrected all the time on this blog and others. It’s the debt........
ReplyDeleteEveryone in a renovated apartment take the few minutes to go to DHCR to fill out the form for an audit on the brazenly grossly overcharged renovations! The worse that could happen is you get a few thousand dollars back.
ReplyDeleteThe Moreland Commission had been looking into a state law that was approved in January 2013, which carved out tax breaks for specific Manhattan-based luxury developments.
ReplyDelete"Five developers who got tax abatements for five developments—that ordinarily would not have qualified for them, except for this special law that was passed in January—donated heavily to Governor Cuomo and other members of the state legislature," said Jaron Benjamin of the Metropolitan Council on Housing.
The tax break is known as a "421-A abatement." Normally, developers can only qualify if they agree to build a certain amount of affordable housing, which these did not.
One of the projects is One 57, the luxury high rise currently under construction across the street from Carnegie Hall.
According to a report from the Metropolitan Council, in 2012 before the bill was approved, the developers gave more than $440,000 to the legislature and political parties.
The developers gave $150,000 to Governor Cuomo, who signed the bill.
The companies gave a total of $1.5 million to the governor and lawmakers between 2008 and 2012.
"We testified to the Moreland Commission. We gave them all of our research that went into making the report, unfortunately it seemed like nothing happened," Benjamin said.
A subpoena to the real estate board known as REBNY, was ordered pulled back by Cuomo's top aide.
- See more at: http://rochester.twcnews.com/content/news/758476/moreland-commission-was-looking-into-real-estate-contributions-before-shutdown/#sthash.oW29L5AX.dpuf
Let's hope Preet picks up where Moreland dropped off.......
I read Seth Shire's informative Town & Village article on Verizon and the three comments. I agree with them.
ReplyDeletehttp://town-village.com/2014/07/18/my-verizon-fios-renewal-nightmare/
I also agree we should boycott Verizon to protest the Oval concerts.
It is clear Verizon has damaged our community. Which is why I do not understand Senator Hoylman's article on Verizon in Town & Village.
HEADLINE: Hoylman is here to help
To the Editor:
I was dismayed to read in the July 17 issue about Seth Shire’s unfortunate experience when he sought to renew his Verizon FiOS contract (“My Verizon FiOS Nightmare”).
I want to remind readers that I am a resource when you experience customer service issues, and you should feel free to contact me at (212) 633-8052 or hoylman@nysenate.gov.
I can help you cut through the red tape and ensure your problem gets the attention it deserves.
Sincerely,
Brad Hoylman,
New York State Senator, 27th district
http://town-village.com/2014/07/24/letters-to-the-editor-july-24/
Here is what I don't understand.
Does the Senator help with all customer service issues with any company or only Verizon customer service issues?
If it is only Verizon then he is helping Verizon with customer retention and not helping constituents with customer service issues.
Why then is he helping Verizon keep business in PCVST?
Is help with shady customer service practices something a Senator usually does or just Senator Hoylman?
What is the deal with Verizon and who is involved in the relationship?
But this is us str. How is it that this is not unilaterally known?
ReplyDeleteOFCOURSE THIS IS US.
ReplyDeleteI've heard rumors that Verizon has a deal with PCVST that pays them for each new Fios customer here, which purposely keeps TWC out. Isn't that kind of....ah....illegal? What about the poor TWC sales guy that's trying to get new residents to sign up. Oh I'm sorry, that happens to be......me!
ReplyDelete