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BPC Pulls Reverse Robin Hood

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Some residents of Battery Park City should go to bed thanking their lucky stars (of which the waterfront community has amazing views, any BPCer is quick to point out), because three buildings just avoided whopping rent increases on their government-leased land, the WSJ reports: "In April, for example, condo owners at the 182-unit Regatta (right) would have seen average monthly ground rents increase to $2,160 from $840 currently. The Battery Park City Authority, the state agency that owns the land, agreed to cap ground rent increases at 25% and spread that increase, which will average some $200 per month, over the next 15 years." That means $56.1 million less revenue for the BPCA, but don't worry, the money was just going to go toward funding affordable housing anyway! [WSJ]