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Manhattan Real Estate Is Teetering - Barron's

All I can say is they better not find a way to stick this to the taxpayer. The rent stabilization code is no secret, neither are the historically low vacancy levels at Stuy Town. The complex was built to provide affordable housing to working class families, including many returning WWII vets. It has always been home to many firemen, police officers and other city employees. the community was even integrated, after litigation. Metropolitan Life, the original owner, received tax breaks from the inception. Rent regulation was already well in place, but they knew they could still make a profit, and continued to do so even when the inflation of the 70's outran the yearly rent increases. But they are still "the projects" and will never be "luxury rentals", as now advertised. Tishman is screwed and Merrill/Blackrock should not be bailed out by the Fed.