In the last few years, our community had changed radically with the construction of expensive condominium apartment buildings and the destruction of solid older buildings.
Affordable housing for the middle class is all but disappearing. This had been compounded by a drive by some Mitchell-Lama cooperatives to privatize.
Greedy residents of these developments would like a windfall profit from the sale of their apartments on the private housing market. They forget the real estate tax abatements and other benefits received from the State of New York, and the minimal price paid for these apartments.
It is only fair that the State of New York receive a portion of any sale. A proposed law, S4610, sponsored by State Senator Carl Kruger (D-Manhattan), which should be supported by all our politicians, would provide this correction. Such a bill has already passed the State Assembly, A8604.
A percentage of the sale price (75 percent) would go to a state fund earmarked for future affordable housing. Anyone interested in saving what is left of our area’s affordable housing, should contact their state senator and urge them to support this bill.
If it were to pass, then residents of Mitchell-Lama housing would think twice before voting for privatization.
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