IPNTA Newsletters

March 2003

How the IPN Stakeholders Will Fare When IPNTA Wins

If owner Harold Cohn succeeds in his plans to sell IPN to mogul Laurence Gluck, and if Gluck succeeds in exiting IPN from the Mitchell-Lama program, what can we expect the outcome to be?

• First, virtually all tenants will be faced with rents far beyond their capacity to pay. This includes tenants with various rent subsidies, because those subsidies are not anywhere guaranteed — especially in a federal administration that relentlessly favors the very rich over everybody else.
• Second, the City will lose almost 1400 units of irreplaceable affordable housing.
• Third, the community and its public schools will lose the few remaining moderate and low income residents—White, Black and Hispanic.

Political and legal strife will continue, until tenants are either defeated in court and/or the political arena.

But if IPNTA is successful in getting the Mayor to grant us the relief we are asking of HPD, the outcomes will be very different.

• We will remain a mixed income, racially integrated, affordable housing development.
• Tenants will remain in their homes at prices they can afford.
• Tenants could be given a choice to buy or rent. Regardless of any tenant’s choice, he or she will remain in the apartment at an affordable price.

If management is found innocent of serious wrongdoing, Harold Cohn and his partners can take their profits without forcing us out of our homes. Laurence Gluck can get his money back plus his reasonable costs.

Mr. Gluck buys back his contract for cost.

Costs to various levels of government are minimized.

In a word, everybody wins, although Mr. Gluck, a multi-millionaire, may have to settle for a few million less than he expected.

Quel dommage! [What a pity!]

back to Newsletters Main Page