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View From The Middle
Along with the sigh of relief, a rousing cheer went up and even parties were held in the apartments belonging to some of the 14,000 residents of this, the largest federally-subsidized housing development in the country. The developer - David Bistricer & Co. (Clipper Equity) - had been waiting around for quite some time and, just a few weeks ago, they bid against eight or nine other developers for the project and won. It would be theirs for a whopping $1.3 billion, barring any complications. Months before the bidding, the residents knew it was up for sale and they were a little wary about the complex being sold. "What would happen to us?" they asked. "Would our rent remain the same as it had all these years?" Affordability was the key, and if a buyer came along with a reasonable price and a promise that that "affordable" word would be inserted into any contract, then, well, so be it. The current owners of the complex - Starrett Associates - had treated them, along with their federal subsidizers, not too badly in the past. If a buyer came in who would treat them likewise, they could live with it. It can be easy to find sympathy for those residents. Remember, this complex was - is - special. There's actually no other like it in the country. When people moved in, they went along with all necessary government regulations relative to HUD regulations. At the same time, they, and the owners, would be compatible from a subsidy and rent standpoint. But when Clipper Equity came along with a deal that cost over a billion dollars, it was clear to see the developers were going to have to do something if they wanted to make a profit. The logical place to start would be to raise the rents, although, they continued to tell authorities that, whatever they do, the rents would remain "affordable." ("affordable" to whom?). Can you imagine the fear in the very stomachs of the residents? Starrett City is supposed to be affordable for those who don't make a great deal of money. It is supposed to help bring people's standards up merely by feeding their esteem, if nothing else. Besides, it's a beautiful place with a view of Jamaica Bay (if your apartment faces the right way. Hey, that's the luck of the draw!), its own police force and an indoor swimming pool. Now, taking part in the celebration of the bid turn-down last weekend was Senator Charles Schumer, along with Congressman Ed Towns, Jackson and State Attorney General Andrew Cuomo. The latter's office had been checking up on Bistricer & Co. strongly for the past few weeks and said they've got a thick portfolio on how they'd been allegedly handling some of their housing investments in the past. According to Cuomo and Jackson, the developers apparently have thousands of violations - that's thousands - outstanding in other developments they hold. Incidentally, why hasn't anyone asked anyone why these details hadn't been looked into earlier? The residents certainly would have been relieved of some angst; the Starrett Associates people would not have had to wait around and then be disappointed that the prospective buyer didn't pan out; and the developer could have trained his sights on some other project in some other place. And a lot of time and trouble could have been saved. Doesn't anyone think before they leap nowadays? I hate to be the one to tell the residents of Starrett City that maybe they shouldn't breathe too easy, now that Bistricer has been told not to sign the dotted line. All the company has to do is prove to HUD and Cuomo that they can handle it. Even Schumer has said they have a chance - but they'll have to prove themselves. There will be (maybe) other bidders, if they decide to go over the thing again from the beginning. This time, maybe the outcome will have the residents actually breathing easier.
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