(Page 4 of 4)
Levy noted that the city Department of Housing Preservation and Development and the state Division of Housing and Community Renewal each review the Mitchell-Lama buyouts – but have relatively little influence. She praised initiatives of each agency to help owners refinance, or to allow residents or nonprofits to buy the buildings. But such incentives would never compete financially with 200 percent returns such as that achieved by seller Cammeby’s International, she said.
“That might have been a good solution 10 years ago,” she said. “But not now, in light of new market pressures from private equity.”
