"Cea Weaver, director of the Mayor's Office to Protect Tenants, stated, 'These tenants who live in this building have been on a roller-coaster from one speculative investor to another. The city is really interested in breaking that cycle of divestment and illegal overcharging, and finally stabilizing these homes.'"
"Mamdani's administration filed an 11th-hour bid to stall the bankruptcy sale of about 5,000 mostly rent-stabilized apartments owned by Pinnacle, aiming to steer the portfolio toward purchasers favored by a citywide union of tenants."
Mayor Zohran Mamdani is focused on influencing the sale of rent-stabilized apartments in East Harlem facing foreclosure. His administration's goal is to help tenants gain control over their housing. On his first day, Mamdani attempted to halt the bankruptcy sale of 5,000 apartments owned by Pinnacle, but the sale proceeded to Summit Properties. Now, his administration is looking at another sale of 850 units in Northern Manhattan previously owned by Emerald Equity Group, with plans to stabilize these homes and protect tenants from poor management.
Read at Gothamist
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