This isn’t just a matter of fairness: City housing is almost always better in private hands. Brian Kavanagh and Assemblywoman Linda Rosenthal say the law gives residents and shareholders greater latitude to “provide meaningful input into how their buildings are governed.” Hans Pennink/AP Brian Kavanagh sponsored “affordable-housing reform” bill. Assemblywoman Linda Rosenthal and State Sen. Created in 1955, it was meant as a way to keep low- and middle-income families in the city, giving them the opportunity, usually after 20 years, to own their units and return them to the market if they chose. Remember: Mitchell-Lama housing was never intended to keep units off the market forever. Many see privatization as their only hope, and before Hochul signed the bill, that could happen with only a two-thirds vote. Some buildings are in need of millions in repairs that residents say they’re not getting. They see that as a confiscation of their property rights. Brian Kavanagh (D-Manhattan/B’klyn) and Assemblywoman Linda Rosenthal (D-Manhattan), the bill’s sponsors, say the law gives residents and shareholders greater latitude to “provide meaningful input into how their buildings are governed and to decide the co-op’s financial future in a more equitable and transparent manner.”īut shareholders tell The Post the new law also requires approval from a full 80 percent of residents for their buildings to be privatized, making that near impossible. Kathy Hochul just signed a Mitchell-Lama program “affordable-housing reform” bill that shareholders say prevents them from privatizing their building, as intended under the program. Sales at luxury furniture chains tank as US housing market coolsĬontroversial mega-development with 45,000 homes nears approval in central California Stop Russia’s Ukraine kidnappings, GOP’s impeachment goof and other commentary New real estate startup promises half-price mortgage rates as home loans climb
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