No one thinks the tenants of Stuyvesant Town and its brother property Peter Cooper Village will have an easy time buying the massive megacomplex from its current caregivers. But let's say $3 billion magically appears, and all those Unity Pledge wishes come true. What might a tenant-run Stuy Town look like? We've heard fantasies about residents buying their apartments for $200,000, and now the Observer's Eliot Brown fleshes out more goals of the Stuy Town rebellion:
For instance, they want to convert the complex from rental to ownership, and are resolute that no one can be evicted and anyone who doesn't want to buy can keep paying their regulated rent. They also want those who do buy to pay below-market rates and be able to sell for a profit. Additionally, they desire long-term affordability restrictions, and to have Stuyvesant Town serve as a middle-class oasis in Manhattan.And those are just the hors d'oeuvres! Is this crazy talk? Maybe, but who wouldn't want to see what happens when 11,000 apartments sell for cheap with few restrictions on resales? Will folks stick around in paradise, or rush to cash out?
· Taking Stuy Town [NYO]
· Stuy Town coverage [Curbed]
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