Predatory equity erasing affordable housing

October 02, 2008 05:33PM

Predatory equity is eroding the city’s supply of affordable housing,
according to a report released today by the Community Service Society of New
York. Over the last four years, some 90,000 affordable housing units have been
bought
by private equity investors who intend to recoup investments by raising rents,
but are hindered by rent regulation. Last year, the city lost nearly 3,700
units of affordable housing, and between 1990 and 2007 it lost some 30 percent of its
119,061 subsidized apartments.


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