AAFE joined our partners in the Stabilizing NYC Coalition Jan. 17, 2018 in a protest outside the offices of Signature Bank and several landlords who control dozens of properties across New York City.
The action focused on “predatory equity landlords,” who purchase rent stabilized buildings and then proceed to displace long-term tenants — some of the city’s most vulnerable residents. Recently, coalition members released a study, “The Predatory Equity Story: Tenant Perspectives on Speculative Landlords, Displacement Tactics and Fighting for Justice.”
The landlords targeted by the Stabilizing NYC coalition include Zara Realty in Queens and Madison Realty Capital in Manhattan, who control more than 4,000 apartments citywide. At Signature Bank’s headquarters, tenants spoke out about the role lenders play in enabling irresponsible landlords.
The coalition worked with Councilmember Ritchie Torres and former Councilmember Dan Garodnick to enact legislation requiring the city to publish a “Speculation Watch List.” It will identify recently sold rent-regulated buildings in which tenants are at risk of displacement due to predatory equity. The coalition has put forward a proposal to create a similar watch list for lenders who engage in predatory lending practices.
AAFE is one of 16 members of Stabilizing NYC, which works to combat tenant harassment and ro preserve affordable housing.