How Blacks the Poor and the Middle Class are Being Push Out of Brooklyn Because of Albany's Tax Breaks for Luxury Developers 872

We Run A State Election and Pushing Blacks Out of Brooklyn Is A None Issue

Landlord trying to swap renters for ‘rich, white tenants': suit (NYP)

A group of black Section 8 tenants in a rapidly gentrifying Brooklyn neighborhood claim that their landlord wants to swap them for “more affluent white tenants” by opting out of the federal housing subsidy program.

Three women living at 781 Washington Ave. in Crown Heights — just steps from Prospect Park — are suing to stop real estate honcho Douglas Rosenberg from exiting the program and renting out the building’s 63 units at market rates.

“The inevitable result of the landlord Defendants’ opt out from Section 8 will be the displacement of African-American families from the subject building and the Prospect Heights neighborhood, and their replacement by more affluent white tenants,” according to their suit, filed Tuesday in Brooklyn federal court. The suit claims that Rosenberg failed to properly notify startled tenants that he planned to remove the building from Section 8 status by the end of September.

True News Give You the Why the Media Gives You Filtered News About Gentrification 

How Albany's Manhattan Real Estate Tax Breaks Are Pushing Blacks and the Poor Out of Brooklyn

 Buyouts have long been part of New York City’s real estate lore, but as offers have become more common, buyouts have become instruments of illegal harassment and a growing threat to the stock of affordable housing, The New York Times writes Tenant groups cite illegal harassment and a growing threat to affordable housing, while landlords say buying out longtime tenants in low-rent apartments is lawful.* SWEATING IT OUT: Brownsville tenants live without hot water and electricity (NYDN) 

NYT Reports on Gentrification In Crown Heights It Does No Report Why It is Happening So Fast?  

Crown Heights, Brooklyn, Gets Its Turn(NYT) The neighborhood has finally overcome a reputation for intolerance and violence that had plagued it since the 1991 riots between blacks and Hasidic Jews. In fact, residents credit the successful post-riot reconciliation between the two communities with being one of the drivers of Crown Heights’ rapid transformation — or gentrification, depending on one’s perspective.

Along Franklin Avenue, signs saying “Moving to Flatbush” have appeared on  many businesses in the last couple of years, and while longtime residents don’t tack up signs, there are indications they have also been leaving in large numbers as new arrivals replace them in this community of about 140,000 people. * Nuns raise rents at immigrant home to boot longtime residents(NYDN) They’re kicking them like a bad habit. The nuns running St. Joseph’s Immigrant Home in Hell’s Kitchen are boosting the rent on young female residents and trying to boot women..* Lawmakers call for Airbnb investigation over misleadinginsurance claim. 

Real Estate Market Forces: International Money, Gentrificatrion and Airbnb Are Making Affordable Housing Program into A Band-Aid on A Cancer

  

Is Anyone Studing the Effect of Foreign $$$ Puring Into the City

NY's Real Estate Has Become the New Swiss Hidden Banks Accounts to Hide Illegal Money  

GILDED CITY – New York mag cover, “Stash Pad: The New York real-estate market is now the premier destination for wealthy foreigners with rubles, yuan, and dollars to hide,” by Andrew Rice:  “Every year, the British real-estate brokerage Knight Frank publishes a document called ‘The Wealth Report.’ The latest edition produces the curiously precise estimate that there are 167,669 individuals in the world who are ‘ultrahigh net worth,’ with assets exceeding $30 million … forecasting that over the next decade, the ranks of the ultrarich will increase by 30 percent, with much of the growth  coming in Asia and Africa. … New York is forecast to add more ultrahigh-net-worth individuals than any city outside Asia over the next decade.”“[S]ince 2008, roughly 30 percent of condo sales in large-scale Manhattan developments have been to purchasers who either listed an overseas address or bought through an entity like a limited-liability corporation, a tactic rarely employed by local homebuyers but favored by foreign investors. … Corcoran Sunshine, which markets luxury buildings, estimates that 35 percent of its sales since 2013 have been to international buyers, half from Asia, with the remainder roughly evenly split among Latin America, Europe, and the rest of the world. ‘The global elite,’ says developer Michael Stern, ‘is basically looking for a  safe-deposit box.’ …* A study showed Manhattan’s apartment inventory is up after a two-year shortage, but the average price for a Manhattan apartment rose 20 percent to more than $1.6 million, the Times writes:  * Hidden in Plain Sight: New York Just Another Island Haven()ICIJ) Lax U.S. rules and real estate industry’s no-questions-asked approach make it easy for dodgy characters to funnel wealth through high-end Manhattan apartments.

Gentrification and Race

NY Pols Cause Housing Segregation Never Blamed

NYT Never Asks How Much NY Pols Have Taken From Real Estate Who Create Housing Segregation

The extraordinary housing segregation of NYC (NYT)

True News Wags the NYT to Report On the Assult on the Affordable Housing Tenants

How Albany's Manhattan Real Estate Tax Breaks Are Pushing Blacks and the Poor Out of Brooklyn

 Buyouts have long been part of New York City’s real estate lore, but as offers have become more common, buyouts have become instruments of illegal harassment and a growing threat to the stock of affordable housing, The New York Times writes Tenant groups cite illegal harassment and a growing threat to affordable housing, while landlords say buying out longtime tenants in low-rent apartments is lawful.* SWEATING IT OUT: Brownsville tenants live without hot water and electricity (NYDN) 

NYT Reports on Gentrification In Crown Heights It Does No Report Why It is Happening So Fast?  

Crown Heights, Brooklyn, Gets Its Turn(NYT) The neighborhood has finally overcome a reputation for intolerance and violence that had plagued it since the 1991 riots between blacks and Hasidic Jews. In fact, residents credit the successful post-riot reconciliation between the two communities with being one of the drivers of Crown Heights’ rapid transformation — or gentrification, depending on one’s perspective.

Along Franklin Avenue, signs saying “Moving to Flatbush” have appeared on many businesses in the last couple of years, and while longtime residents don’t tack up signs, there are indications they have also been leaving in large numbers as new arrivals replace them in this community of about 140,000 people. * Nuns raise rents at immigrant home to boot longtime residents(NYDN) They’re kicking them like a bad habit. The nuns running St. Joseph’s Immigrant Home in Hell’s Kitchen are boosting the rent on young female residents and trying to boot women..

Real Estate Market Forces: International Money, Gentrificatrion and Airbnb Are Making Affordable Housing Program into A Band-Aid on A Cancer

  

Is Anyone Studing the Effect of Foreign $$$ Puring Into the City

NY's Real Estate Has Become the New Swiss Hidden Banks Accounts to Hide Illegal Money  

GILDED CITY – New York mag cover, “Stash Pad: The New York real-estate market is now the premier destination for wealthy foreigners with rubles, yuan, and dollars to hide,” by Andrew Rice:  “Every year, the British real-estate brokerage Knight Frank publishes a document called ‘The Wealth Report.’ The latest edition produces the curiously precise estimate that there are 167,669 individuals in the world who are ‘ultrahigh net worth,’ with assets exceeding $30 million … forecasting that over the next decade, the ranks of the ultrarich will increase by 30 percent, with much of the growth  coming in Asia and Africa. … New York is forecast to add more ultrahigh-net-worth individuals than any city outside Asia over the next decade.”“[S]ince 2008, roughly 30 percent of condo sales in large-scale Manhattan developments have been to purchasers who either listed an overseas address or bought through an entity like a limited-liability corporation, a tactic rarely employed by local homebuyers but favored by foreign investors. … Corcoran Sunshine, which markets luxury buildings, estimates that 35 percent of its sales since 2013 have been to international buyers, half from Asia, with the remainder roughly evenly split among Latin America, Europe, and the rest of the world. ‘The global elite,’ says developer Michael Stern, ‘is basically looking for a  safe-deposit box.’ …* A study showed Manhattan’s apartment inventory is up after a two-year shortage, but the average price for a Manhattan apartment rose 20 percent to more than $1.6 million, the Times writes:  * Hidden in Plain Sight: New York Just Another Island Haven()ICIJ) Lax U.S. rules and real estate industry’s no-questions-asked approach make it easy for dodgy characters to funnel wealth through high-end Manhattan apartments.

How Much Foreign $$$ is In this Story 

Wealthier New Yorkers Aren’t Fleeing the City for Tax Havens, a Study Says(NYT) The Independent Budget Office found that the share of higher-income households that moved from the city in 2012 equaled that of lower-income households that left.

Campaign Contributions Are Bribes

Ex-NYC housing honcho: I raked in $2.5M in bribes(NYP)A former city housing honcho said Monday he raked in $2.5 million in bribes from developers and contractors looking to access affordable housing contracts. The stunning admission from former Housing Preservation and Development Department assistant commissioner Wendell Walters came as he testified in the Brooklyn federal court bribery trial of developer Steve Dunn and his lawyer partners Lee Hymowitz and Michael Freeman.* Ex-Housing Official Tells of Bribes(WSJ)