Word: walls
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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...
...mortgage businesses of JPMorgan Chase, which reported their earnings last week, were a disappointment. Wells Fargo posted a profit, but nonperforming loans and related charge-offs both jumped. Morgan Stanley turned a profit in the fourth quarter, but it was less than what analysts expected. Even earnings growth at Wall Street powerhouse Goldman Sachs somewhat slowed. (See the best business deals...
...Federal Reserve has pressed the cost of the capital for the banks down to zero, and they still can't earn a large profit," says top Wall Street strategist Robert Arnott of Research Affiliates. "That's a problem...