Advocates say nothing is stopping landowners from pricing out, evicting, or demolishing the homes of New York's estimated more than 25,000 ground lease co-op residents.
Residents of ground lease co-ops call themselves the unprotected tenants of New York City. While homeowners own and renters rent, ground lease co-op tenants do both at once. They own and maintain their building but not the ground it sits on, which belongs to a landlord. Advocates say nothing is stopping landowners from pricing out, evicting, or demolishing the homes of New York's estimated more than 25,000 ground lease co-op residents.
'And why is that fair? That's not fair at all.''A poison pill for a building'Lawmakers, including State Senator Liz Krueger, say it's time these tenants had standard protections. She is pushing for Senate Bill S2433, which would cap rent hikes. But not everyone is buying in.
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