Word: rent-control
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...proponents of Proposition 1-2-3 fool you. It is not about homeownership, although phrasing it that way is a clever ploy. Proposition 1-2-3 is a well-funded effort aimed at the erosion of rent-control. Its sponsors are only concerned with the profits that condo sales and resales could generate...
Adding further excitement to the 1989 race is the presence on the ballot of Proposition 1-2-3, a binding referendum whose chief provision would let rent-control tenants buy their units as condominiums after living there two years or more...
...described himself as "more moderate" than Graham. He also said he would favor Proposition 1-2-3, but only with safeguards that would protect minority and low-income citizens from "being squeezed out" by rent-control landlords interested in prospective condominium buyers...
...University was not making profits or losses on the rent-controlled property at the time of the October sale, said Sheldon G. Tandler, comptroller of Harvard Real Estate, which managed the building. "Harvard is not involved in maintaining rent-control property for a profit. In fact, it breaks even. It operates the property to break even," he said...
...addition, Kennedy said she feared the new owners would try to attract many of the subsidized tenants because they would be more profitable--and that the effort would push out rent-control tenants who could not afford market-rate rents but did not qualify for the subsidies...