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Old 06-26-2018, 08:47 PM
 
25,556 posts, read 23,957,680 times
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https://therealdeal.com/2018/06/26/c...f-nycha-units/

So the city will partially privatized a score more NYCHA buildings, as coming up with the vast sums of money that are required to repair NYCHA would more or less bankrupt the city. The feds are involved because the private investors will need a return on their investment and to make this happen the units are being converted to Section 8. So the apartments will be paid for by Section 8, instead of being low rent units the city subsidizes and doesn't make money off (but loses money).

The city could use this as a foundation to convert these buildings to co-ops if they want to.
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Old 06-27-2018, 05:56 AM
 
Location: Manhattan
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I can hear the sound of the public money waterfall cascading into slimy little hands.
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Old 06-27-2018, 07:49 AM
 
Location: Brooklyn, New York
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Quote:
Originally Posted by Kefir King View Post
I can hear the sound of the public money waterfall cascading into slimy little hands.
As opposed to what? Currently, NYCHA residents don't even pay electric bills. The government fronts all of the $$$.
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Old 06-27-2018, 08:19 AM
 
Location: JC
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Were the NYCHA buildings generating revenue for the city I would be against privatization. If these buildings are effectively a money sink then let private companies manage them.
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Old 06-27-2018, 09:23 AM
 
Location: New York, NY
12,788 posts, read 8,279,275 times
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Quote:
Originally Posted by GoHuskies View Post
Were the NYCHA buildings generating revenue for the city I would be against privatization. If these buildings are effectively a money sink then let private companies manage them.
Agreed. Enough with the handouts already. These things are money pits that have run the length of their life cycle, and we are the taxpayers (aka idiots) are the ones paying.
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Old 06-27-2018, 09:25 AM
 
34,017 posts, read 47,240,427 times
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Quote:
Originally Posted by GoHuskies View Post
Were the NYCHA buildings generating revenue for the city I would be against privatization. If these buildings are effectively a money sink then let private companies manage them.
NYCHA was designed to operate in the red since its inception.

Housing developments like Queensbridge, Bushwick and Smith have commercial properties on their grounds that NYCHA owns, and the commercial tenants pay rent to NYCHA. If any NYCHA properties are actually in the black, these 3 would be the closest.

Good question would be if those commercial tenants pay to NYCHA market-rate rent - that I do not know.
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Old 07-01-2018, 08:04 AM
 
Location: Manhattan
25,368 posts, read 37,053,451 times
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Who gets the renovation money? Kushner?
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