Deal or Non-Deal

I copied this from the Stuy Town Report site.  At the meeting on Saturday. let's ask the politicians to explain if they really can claim any bragging rights for this which really seems like no deal at all.

"Over 1/2 the complex is already at preferential market rates.  Which means that as is, roughly 5000 units are now at legal rents.  And checking the voting roles (which anyone can do), if the majority in these units is around 70 yrs of age, then for about 20 yrs, there isn't going to be a lot of turnaround anyhow, so thank you very much for nothing. For the rest of the units, their legal rents will continue to get jacked up to the max.

So let's take a look at 3 perspectives then. 

1. The long term governmental perspective:  has middle class housing here been preserved for 20 yrs?  Well, if the median age of legal-rent-residents is about 70, the answer is this deal has bought nothing more than what we would have with no deal at all.  So deBlasio, Garodnick and the TA can lay claim to having done nothing.  And of course, the new owners will probably continue renting to students which really helps the churn and jacks up the legal rents.  So anyone paying the preferential rate is still in jeopardy because at renewal time, the landlord can still jack you up to the legal rent (beyond your means to pay) and then you're out on the street.  Again, thank you very much for nothing.

2. The short term view:  How is my life affected?  Well, this question just goes back to MCIs.  Expect to see more MCIs and more battles over tenants having to pay for landlord strategies to raise rents.

3.  Overall: the complex is essentially in the same situation it was in under Tishman-Speyer except the new owners have been wised up to renting to students and working the MCIs.  So having paid top dollar for the place, what happens if there is another real estate crash...and don't think it can't happen.  Deja vu all over again?"