- Mitchell-Lama co-ops, established in 1955 for middle-class residents, are receiving significant taxpayer funding and tax cuts to address deferred maintenance, totaling nearly $500 million under Gov. Kathy Hochul.
- This financial assistance for Mitchell-Lamas stands in stark contrast to rent-stabilized buildings, which lawmakers have largely ignored despite facing similar issues of rising operational costs and deteriorating condition.
- Cash infusions for Mitchell-Lamas are often portrayed as altruism by elected officials, but they are essentially bailouts for shareholders who have kept maintenance fees low by deferring necessary repairs.
Let me know if this sounds familiar:
Privately owned multifamily buildings constructed decades ago in New York City are falling apart because residents are not paying enough each month to maintain them.
Rings a bell, doesn’t it?…