The Jewish Hospital Apartment Complex goes market rate?!
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In my view, Alma and "those who feel Alma lied to them and/or can not afford an increase" have not had a lot of direct contact.
I've heard talk of a lawsuit against Alma, but I suspect that it would not be successful because I am under the belief that developers considering a J51 are required to act as if one is in place while they are in the application process.
The tenants have every right to feel cheated, but I don't know if they have a legal recourse.
"What percentage of buildings in the area are rent-stabilized?" No idea.
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Prospect Heights Democrats for Reform is going to have a meeting tomorrow night 11/19/14 at 8pm at Nok Auto Repairs, 325 St. Marks Avenue (Underhill & Washington). I hope folks can come vent about Jewish Hospital. - See more at: http://www.brooklynian.com/discussion/44681/the-jewish-hospital-apartment-complex-goes-market-rate?post#Form_Body
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This article has a hopeful tone:Negotiations with the city may be underway....
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Seems like this one slid by most people...
http://www.nydailynews.com/new-york/queens/judge-alma-realty-founder-allegedly-bribed-greek-bank-article-1.2022452
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My favorite part is when they are aware of such things, but believe that they will somehow succeed in keeping self-interest ("greed" if you prefer) at bay where other municipalities have failed.It this property isn't profitable, it won't be built.If other properties are more profitable to build than this this one, they will be built first....watching people learn this re: Atlantic Yards was/is mildly entertaining.
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There are alternate models for housing production and allocation, some of which do essentially keep greed at bay (or at least reduce its effects on ordinary people):Of course, getting to any of those models is pretty difficult starting from zero, especially when there is little-to-no open land within a remotely sane commute of Manhattan.The most practical would be an extension of rent stabilization, which would be much more feasible in a city with high rents (generally directly corresponding to commute time to Manhattan) and growing population than in a city with declining rents or a city rapidly transitioning from low-to-high rents. The major issue would be ensuring that enough housing is created to allow further population growth, though Vienna-style affordable housing projects could become more economically feasible if a cap on rental profits drove down land prices.Tokyo-style market-driven hyperdensity would also be economically possible, though laws authorizing it seem unlikely to come from the political process— I could see it possibly resulting from a court decision saying that current zoning laws, which drive enormous price increases in many districts, have the practical effect of being exclusionary of protected groups.
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That's often known as "disparate impact"
I've taken the liberty of creating a new thread for disparate impact zoning, so this one can remain focused on the Jewish Hospital complex:
http://www.brooklynian.com/discussion/44977/disparate-impact-zoning -
Update: Word is coming out that Alma has agreed to accept an Article 11 tax break in exchange for abiding by rent stabilization rules at the former hospital complex.
Details still being finalized. -
Here are the basics of an Article XI tax incentive: http://furmancenter.org/institute/directory/entry/article-xi-tax-incentive
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Rachel did a follow up piece today: http://www.dnainfo.com/new-york/20150220/crown-heights/city-offers-tax-break-brooklyn-landlord-keep-700-units-rent-regulated
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Over a year later, today it was announced that Alma and HPD have reached an agreement on the terms of an Article XI, and the city council is expected to calendar it in June.If passed by the council, it would allow current tenants the benefits of rent stabilization without needing to abide by income guidelines, and future tenants would have to abide by income guidelines.Cynics may want to note that Alma was a contributor to DeBlasio's now disbanded "One New York" nonprofit.Photos of happy/intent residents at today's meeting:
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Breaking News: the NYC City Council has passed the item in which the buildings will receive an Article XI, which provides Alma tax credits in exchange for abiding by rent stabilization rules at the BJH complex.
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While the city has allocated the funds, Alma has yet to accept them.
Because the credits would be assigned to the buildings as opposed to Alma, this strategy makes the buildings more attractive to a potential buyer but has not helped the tenants.
The politicians can't force Alma to enter the agreement, but the city will eventually allocate the funds elsewhere if they are not "spent".
In response, the tenant will soon hold a press conference that tries to get the politicians to work magic and/or get Alma to decide.
APRIL 2ND at 11AM on steps of 545 Prospect Place. -
However, not one of the politicians state that there needed to be a law prohibiting landlords from issuing leases that stated "rent stabilization" when -in fact- the units were not subject to such terms.
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Nice summary in Brownstoner today: http://www.brownstoner.com/real-estate-market/rent-stabilization-alma-realty-brooklyn-crown-heights-545-prospect-place/
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Meanwhile, the tenants continue to hope that Alma determines the city's offer is "best for Alma".
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Alma was offered a combination of factors that it found positive enough to accept the credit: Base rent, income restrictions, etc.
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