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Thursday, December 11, 2014

CW-Fortress-Freddie Mac-Fannie Mae-Schumer-Maloney

If you take a free market point of view, CW & Fortress are doing their capitalistic, opportunist best.  But the real enablers of what's been happening recently are Freddie Mac & Fannie Mae.  

We've been fed pure bull by Schumer & Maloney about these groups supporting any plan we'd like and the city would like.  They're already supporting a plan and scheme we don't like and city officials are also feeding us bull when implying they'll be able to help.

It would be encouraging if for once politicians told the truth instead only telling it when forced to by hovering media revelations.

Right now thanks to Freddie and Fannie, it looks as if CW-Fortress will retain control for a long time...Freddie and Fannie who also must be in this for nothing but the money & are profiting now or expect to profit in the future in ways (through the deal made with CW) that haven't been made public.

To all appearances, CW-Fortress will maintain control for 3-6 years, sell to Fortress, continue the legal rent churn by renting to students and continue stressing older tenants through MCIs.  The goal: force older tenants out, increase legal rents, continue market rate rentals, when real estate prices are at a high, start renewing market rate leases at legal rents which will force these renters to move leaving a lot of vacant units, then convert the place to condo and sell all the vacant units at a windfall premium.

BTW, another goal of the MCIs is to make market rate condo sales that much more attractive.  By the time the sales occur, many years will have passed and many MCIs added.  But at whose expense?  We will wind up paying for these luxury MCIs (certainly not needed or requested by us), and Fortress will get the ultimate benefit of them.  Yes, this community is truly being played for all its worth.

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