Pictorial History of the Tenant Movement

26. In 1978 the city became the largest landlord in New York City as a result of changes in regulations governing the seizure of buildings for nonpayment of taxes. All these buildings were in various stages of decay and likely to be at least partly vacant, while the incomes of their tenants generally fell far below the city's median level. Consequently, the city found the management of its new real estate portfolio a considerable financial drain. The Koch administration, noting that transfer to city ownership removed housing from prevailing rent regulations, subsequently announced rent increases, which drew both scorn and anger from tenants (March 5, 1982). Photo by Bernard Moore.