I don't know if it's happening in NYC but low-income apartment complexes around the country are being bought up by Israeli entities and the rents raised by 40% after really insignificant "improvements" like new door knobs or cheap light fixtures, or a light paint job. As far as I understand the system, these housing complexes were built with government incentives requiring low income housing. To sell them and the new owner to charge close to 80% of a low income family's income per month breaks the law. This bait and switch in housing should be entirely illegal, in NYC or anywhere. That's taxpayer money that is going into a foreign entity's pocket (along with all the bombs and shit).
I’m not aware of this exact case in NYC, but many devious things are happening related to housing at the hands of financial companies. Addressing the commodification of housing should be a big priority for architects.
I don't know if it's happening in NYC but low-income apartment complexes around the country are being bought up by Israeli entities and the rents raised by 40% after really insignificant "improvements" like new door knobs or cheap light fixtures, or a light paint job. As far as I understand the system, these housing complexes were built with government incentives requiring low income housing. To sell them and the new owner to charge close to 80% of a low income family's income per month breaks the law. This bait and switch in housing should be entirely illegal, in NYC or anywhere. That's taxpayer money that is going into a foreign entity's pocket (along with all the bombs and shit).
I’m not aware of this exact case in NYC, but many devious things are happening related to housing at the hands of financial companies. Addressing the commodification of housing should be a big priority for architects.