Word: rent
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Dates: during 1960-1969
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...project later this year. The 129-acre community, home to some 38,000 New Yorkers, also includes offices, banks, a post office, theater, library and a 100-store shopping center. When built by Metropolitan between 1938 and 1942, Parkchester cost $67 million. Even though it yielded $14.9 million in rents last year, Metropolitan has for some time yearned to unload it. New York City rent control has kept the top rent on a three-bedroom apartment to a bar gain $165 a month, even while taxes and operating costs have soared...
Also, New Wiring. The first thing Helmsley plans to do at Parkchester is raise rents. An apartment-building own er can seek a "hardship increase" under rent control if his income fails to amount to a 6% return on his invest ment, plus 2% for depreciation. Having agreed to pay $90 million for the property, Helmsley will be in a position to make use of the hardship proviso. "Then," he adds, "we're going to put in new wiring, which brings another increase...
...community would only force more students and faculty to live off-campus and would thus increase housing shortages in the City. (A resolution had asked Harvard and M.I.T. to turn over 25 per cent of their housing to the Leased Housing Program--a project to provide low-rent housing to senior citizens...
...that they make 25 per cent of their residential housing inventory available to the Leased Housing Program--a program to provide low-rent housing for senior citizens under present federal laws. (Harvard and M.I.T. have participated only nominally in this program...
Finally, the convention called for rent controls to prevent landlords from raising the rent...