The Real Deal New York

Southbridge Towers residents vote to go private

Move could prove to be windfall for long-time tenants
October 02, 2014 08:00AM

Residents at Southbridge Towers in the Financial District have voted to turn their subsidized co-ops into market rate apartments.

Following a heated debate, the measure garnered support from two-thirds of residents, and the 1,067-unit affordable housing complex is now on track to go private, DNAinfo reported. Residents who paid $10,000 for apartments decades ago could sell their units for upwards of $1 million, according to the news site.

The privatization will move forward if two-thirds of residents opt in. Those who opt out will become renters and lose the opportunity to sell their apartments.

Those opposed to privatization said the complex should be preserved as an affordable co-op development for future generations and warned of higher fees. [DNAinfo]Tom DiChristopher

  • fr75006

    Maybe, just maybe, I’ll live long enough to see the city find the will to build middle class housing again without forcing them to enter through a doggy door.

    • Marc

      May the city never build again.

  • Joe

    This is bull. Its an affordable housing complex that’s been subsidized by the state and to allow people who bought into these units at subsidized rates sell the units at market prices is insulting. Its suppose to be where the teachers, firemen, police officers, city/state workers, and the etc. can find a place to live in the city at rates they can afford. Allowing it to privatize benefits the small class of people whose names where picked years ago off the waiting lists while hurting all others waiting for this type of housing as well as all others in the City who need teachers, firemen, police officers, city/state workers, and the etc. to remain rather than flee to locations that are more affordable.

    • Marc

      Privatize everything and keep the pigs of government out of our pockets and the real estate business. The result will be true equality and a better economy for all, not just the chosen few you want benefitting.

  • Kaspar Mao

    It just goes to show what limited information people know about Mitchell-Lama program.

  • Bill

    The Mitchell lama laws permit cooperators to vote to leave the program after 20 years. This type of housing was never meant to be permanent affordable housing stock.