Wall Street eyes affordable housing

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Each year, the city loses about 30,000 rent-regulated apartments, and Wall Street investments firms are about to hike up the number. Private investment firms are buying buildings in working-class neighborhoods and are bringing in higher-paying residents. According to the Association for Neighborhood and Housing Development, turnover in these purchased buildings has been as high as 25 percent. Mayor Michael Bloomberg has pledged to spend $7.5 billion to preserve low-cost housing, and so far the city has assisted in building and preserving 71,000 units. 

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