Friday, November 10, 2017

Saving Mitchell-Lama - Village Voice article

Steve Wishnia's article in the Village Voice: Saving Mitchell-Lama, notes that Mayor de Blasio's plans to save ML will help keep Mitchell-Lama co-ops affordable, but don't do much for the renters.  

The city’s reinvestment program is likely to focus on co-ops, which the mayor’s office estimates are two-thirds of the 45,000 Mitchell-Lama apartments overseen by the city Department of Housing Preservation and Development. It is much harder for co-ops to leave Mitchell-Lama, as HPD regulations require two-thirds of the total residents to vote in favor of withdrawing in two separate referenda. The city believes that the program will help preserve Mitchell-Lama apartments as affordable housing, by keeping the buildings financially solvent enough to prevent them from deteriorating.
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