Word: rente
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...tenants - some of them multiple times - within the first 16 months. That amounted to 965 court proceedings against 2,124 apartments, compared with just 50 court proceedings in the final year of the previous owner. The complaints alleged that the tenants were subletting illegally or had not paid their rent or security deposits, even though the tenants often had records proving otherwise. To the tenants, it seemed as though every possible legal vulnerability was being sought out in an effort to force them...
This kind of activity - flushing out low-rent tenants and replacing them with wealthier new renters - has been a staple of strong real estate markets for years. What was different over the past few years was how widespread this Dickensian business model had become, largely fueled by Wall Street money seeking high rates of return. Another difference was how much the general investing public - through university endowments and pension funds - became party to such morally dubious schemes. Consider it another footnote to the Gilded Age we just passed through. (See pictures of Americans in their homes...
...threatened a cherished pillar of urban policy - affordable housing, which has long been regarded as essential for maintaining vibrant diversity in our cities. The victims are among the huge numbers of Americans (estimated at close to 100 million before the latest housing boom promoting homeownership) who rent their primary residences - poor, working-class and even middle-class folks - who have been overshadowed in the deluge of media coverage of the debacle in single-family housing. (Affordable housing refers to that costing no more than a third of a family's income...
...roughly within the first year] and 10% a year thereafter," explained a prospectus for a portfolio of buildings in upper Manhattan being bought by Apollo Real Estate Advisers (now AREA Property Partners), with a primary mortgage from a Credit Suisse subsidiary. The normal turnover rate in cheap or moderate rent-regulated apartments in New York City is 5.6%, according to data from the New York City Rent Guidelines Board. (See high-end homes that won't sell...
...Enterprise Rent-A-Car hiring guru Marie Artim, who says her company will hire 8,000 of 200,000 applicants worldwide, has found that her applicant pool is changing. "While 10 years ago we may have had the same numbers, today we have higher-quality and better-qualified applicants," she says...