The details matter. It’s worth seeing how this deal got done:
The deal includes an agreement that would keep almost half of the more than 11,000 apartments affordable for 20 years. For Blackstone, it extends a push into owning rentals and makes it one of the largest residential landlords in Manhattan.
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It’s ironic that Peter Cooper Village is being guaranteed continued affordability just as Cooper Union is losing it.Report
@mike-schilling
Wasn’t that resolved favorably?Report
There’s an agreement to try to return to the status quo ante, but the money that the administrators threw away is still gone, and debt they took on still remains, so who knows whether they’ll get there.Report
“The deal includes an agreement that would keep almost half of the more than 11,000 apartments affordable for 20 years.”
The guys running AirBnB were reported to have sent out for two dozen packs of new underpants after hearing this announcement. “It’s not that we’re happy to hear of apartments required by law to be set below market rate in an insanely-expensive place like New York City, thereby providing a strong incentive to illegally sublet them at market rate using our service. It’s just that–ooh, there I go again. Joey, throw me another pack, hey?”Report
Not the imagery I’d use, but the sentiment is correct and that is a way AirBnB is being used — enough so that cities are trying to ban people from sub-letting through AirBnB for more than a certain portion of the year.Report