The Real Deal New York

Lawmakers have introduced a bill called the “Save Starrett City Law” that would extend the reach of the Mitchell-Lama program. Currently, buildings built before 1974 that exit the Mitchell-Lama program become subject to rent-stabilization laws. Starrett City opened in 1974, so if its new owners take the massive Brooklyn affordable housing complex out of Mitchell-Lama, its units will not be rent-stabilized and rents can pushed to market-rate values. The law was introduced by Assemblyman Vito J. Lopez and has won the support of Assembly Speaker Sheldon Silver and Mayor Bloomberg. more [NYT]