Tenants advocating for repairs and improvements across dozens of rent-stabilized buildings in northern Manhattan say they want a “seat at the table” as the federal government weighs selling off loans from the collapsed Signature Bank.
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added more confusion, with a coalition of tenants saying they want a voice in who takes over their buildings.earlier this month, the Federal Deposit Insurance Corp. committed to consulting with local officials and community groups before selling the rent-stabilized building loans. The tenant coalition leaders say they want to be heard, too.
Tenants at Sugar Hill-owned buildings in Harlem, Washington Heights and Inwood have complained about faulty heat and water systems, vermin infestations, and a lack of superintendents to address daily needs.Margaret Grossman, Sugar Hill’s managing partner and president, said she hears tenant complaints and has “been working tirelessly to transfer our rent-stabilized properties to HCCI.”
She said the city’s Department of Housing Preservation and Development has to issue a property tax break to HCCI that would allow it to buy the buildings. HPD said the agency is considering the sale and financial tools. The residents have the backing of Brad Lander, the city comptroller. He has advocated for avenues for tenants to get the first crack at buying their buildings under state legislation known as theHe said there could be a silver lining in the Signature collapse if tenants and community groups are given more of a say in the future of their homes. The situation could be a bellwether for what’s to come as other overleveraged rent-stabilized property owners face foreclosure.
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