Word: streets
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Dates: during 2010-2019
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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...
...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...
...first year of new owners, or about double that of a typical building in Manhattan, where the culture of tenant rights is stronger, according to a new study by affordable-housing advocates, the Association for Neighborhood and Housing Development. The study focused on New York City, where Wall Street money made the most inroads - capturing about 100,000 units (out of the city's 2.5 million), or about 10% of the city's rent-regulated apartments before the real estate bubble collapse. (See the worst business deals...
...bumper sticker on her car or a sign in her yard, she says. But in the past few weeks, she has done both. And Monday afternoon found her at her first political rally, braving the cold and a light snow with several hundred others along Main Street...
...Health care - that's what motivated me," Penney said. "The health care thing pushed me over the edge." President Barack Obama's effort to transform the nation's health care system was indeed cited by many of the Brown voters I talked to on Main Street. And therein lies a bitter irony: universal health care was the cause that meant more than any other to the late Senator Ted Kennedy, whose seat will be filled by this special election. Further, Massachusetts is the state that has come closer to achieving it than any other, with a 2006 law that...