Word: marketeers
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Dates: during 2010-2019
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...private equity funds seized on the rental market in major cities in recent years, all this was jeopardized by the need to generate fat returns of 15%-20% per annum. Worse, this business model was based on a dirty secret - expelling as many existing tenants as possible. This is the thuggish reality behind otherwise respectable-sounding prospectuses offered to investors to explain how they could service high debt on mortgage-backed securities. "The borrower anticipates to recapture approximately 20%-30% of the units [roughly within the first year] and 10% a year thereafter," explained a prospectus for a portfolio...
...From a public policy standpoint, you can make a strong case that it is not desirable [for Wall Street money to be in this market], and equally strong you can say that housing regulators or authorities in New York and most other cities have been asleep at the wheel for the last five and 10 years - this stuff is going on everywhere," says Guy Cecala, CEO of Inside Mortgage Finance Publications, a stable of industry newsletters, who worries that the very idea of affordable housing is under threat...
...conceived investment to turn the twinned 11,000-unit middle-class housing complex known as Stuyvesant Town and Peter Cooper Village, built originally to accommodate World War II veterans, into luxury housing, for which limits on yearly rent increases are chucked in favor or whatever the market will bear. The prospectus offered by the lead investors, Tishman Speyer and Larry Fink's asset-management fund BlackRock, imagined evicting 50% of rent-regulated tenants in just a few years. But tenants fought back and won in a court decision that also undercut plans for using city tax abatements to further sweeten...
...headache that is disabling and comes and goes, the overwhelming odds are that it is migraine," says Dr. Stephen Silberstein, director of the Jefferson Headache Center in Philadelphia. Sufferers should consult their primary-care physicians for treatment, since there are already very effective treatments for migraines on the market today, and some medications (like the tricyclic amitriptyline) that work well for both migraine and depression, according to UCSF headache specialist...
...That's not true. There are certain component parts of it, of course. The fact that we have made an effort to insure everybody. But we passed our plan without cutting Medicare. We didn't raise taxes. It was all self-sufficient. It was done through a free-market system where people could go in and [comparison shop] for a plan, and if they couldn't afford it, they would get a form of government subsidy...