BACK UP PLANS
Most Mitchell-Lama tenants qualify for other aid that will keep thier rent down even if their landlords buy out of the program.
FYI: The vast majority of tenants in Mitchell-Lama buildings won't see huge rent increases when the owners of these affordable housing projects buy out of the program, according to an Independent Budget Office report released yesterday. More than half of the 26,000 city-supervised Mitchell-Lama rentals were built before 1974, and so their tenants are covered by rent stabilization. Tenants in another 9,631 apartments are eligible for Section 8 vouchers. That leaves just slightly more than 2,000 tenants with no protection in the case of a buyout. But unless the powers-that-be in Albany decide to extend rent stabilization to cover all Mitchell-Lama apartments, keeping even those relatively few apartments affordable could cost the city millions a year, says the IBO. [4/8/03]
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