![]() “They don’t realize how they’re hurting us because they think they’re being helpful.” They don’t know the ins and outs, they don’t know how work,” one Mitchell-Lama resident told The Post. That’s purportedly meant to benefit residents, but what makes the bill’s sponsors think they know what’s best for residents? Why not let residents decide for themselves?īlas screws landlords and NYC housing market one last time with another rent freeze Yet the legislation would raise the threshold for that, requiring approval from 80 percent of units, rather than the current 67 percent. When the Mitchell-Lama program was created in 1955 for low- and middle-income families, it was designed so residents and shareholders could voluntarily leave - usually after 20 years - and return the units to the market. ![]() Pols have no right to change the rules now, decades after the fact. One problem: These developments were never meant to be permanently subsidized units, kept off the market and provided with tax breaks, low-interest loans and guaranteed profits (at taxpayer expense) till the end of time, while some owners don’t even want to remain in the program. Kavanagh aims to “ensure open, transparent governance,” protect “shareholder residents and the public” and preserve “affordable housing in Mitchell-Lama buildings that have been subsidized for decades.” More government-mandated rules, bureaucracy and misguided interference in the housing market, in other words. Brian Kavanagh (D-B’klyn, Manhattan) and Assemblymember Linda Rosenthal (D-Manhattan), will introduce “reforms around voting procedures” and “corporate governance” in Mitchell-Lama cooperative housing. ![]() Andrew Cuomo’s signature he should veto it instead. ![]() Southern city tops NYC as least affordable housing market after pandemic boomįeud over ‘affordable’ apartments could scuttle WTC residential towerĪ Mitchell-Lama “housing reform” bill passed by the Legislature now awaits Gov. New Yorkers in rent-stabilized apartments brace for 7% increase Do the math, Rent Board: Let NYC landlords charge enough to pay their bills ![]()
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