‘Hip-hop birthplace’ pulls out of Mitchell-Lama program

The owners of the Bronx affordable housing complex at 1520 Sedgwick Avenue, known as the birthplace of hip-hop, are paying off the property’s mortgage and pulling out of the Mitchell-Lama affordable housing program, despite strong opposition. The Mitchell-Lama program, established in 1955, gave developers subsidies and tax-breaks in exchange for rent limits during fixed time periods. In recent years, many of the 20-year time limits on buildings have expired and buildings have been pulled out of the program. Many units in former Mitchell-Lama buildings remain rent stabilized. But critics say the price being paid by an investment group led by developer Mark Karasick is inflated and would drive up rents.