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Mitchell-Lama Tenants May Avoid Huge Rent Increases

Posted by Mark Smith on January 09, 2000 at 03:28:35:

The Real Estate section of The New York Times for Sunday, January 9, 2000, has a story about the tenants at Cooper Gramercy, a Mitchell-Lama rental development supervised by New York City's HPD, who may be able to continue paying their current rents. The landlord had attempted to pay off the mortgage and leave the Mitchell-Lama program to charge market rents (probably triple the current rents) or turn the development into a co-op or condo, despite a restriction in the ground lease about the type of housing that had to be on the site.

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