IPNTA
Newsletters
July 2004
Saving Mitchell-Lama? It Would Not Work for Us
Many of us have read about a new HPD program to save those Mitchell-Lama
buildings that have not yet exited the program. Some IPN tenants have
argued that the new “law” — which gives owners more
financial incentives—would have worked for us.
They are misinformed. First, the program is just that — a program,
not a law. In fact, it is hardly a program, just a proposal.
More important, it depends entirely on the landlord’s willingness
to stay in Mitchell-Lama. Therefore it is meaningless in high rent districts
like Tribeca., where owners get so much more from super-wealthy residents
who can afford market rents.
One example: the owners of Manhattan Plaza, a M-L complex, could still
participate in the new program. Guess what: they are continuing with their
own buyout plans.
So don’t be misled: the program, if it ever gets off the ground,
may work for some M-L’s in poor areas. And for that we applaud it.
But it has no relevance for us.
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