New NYC budget could help affordable housing groups buy notorious apartment buildings
Days after city leaders approved a small funding stream to help affordable housing groups acquire apartment buildings, tenants, organizers and some city councilmembers are setting their sights on a pair of rundown Manhattan properties packed with “warehoused” apartments.that is supposed to provide low-interest financing and funding to nonprofit groups and other “mission-driven” developers that commit to keeping apartments permanently affordable and rent-stabilized.
“They could warehouse these units in anticipation of future policy changes as the city’s housing crisis continues to expand,” the listing notes. Inside another former Ohebshalom-owned building on East 14th Street, 20 of the 25 units are vacant, said Peter Griffin, a photographer who has lived in his fifth-floor apartment since 1979.He said conditions have improved somewhat since a company tied to investment firm Maguire Capital took over, but tenants have dealt with years of well-documented break-ins, collapsed ceilings,
In a May letter to the city’s Department of Housing Preservation and Development and the state’s Division of Homes and Community Renewal, Bottcher and seven other local elected officials said they feared an investor could purchase the buildings and try to remove the apartments from the rent-stabilization system, punishing tenants who have remained in the building despite the “poor physical conditions” and years of “intentional neglect.
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