Without legislative action, more than 25,000 New Yorkers face the threat of losing their homes to landowners seeking to raise our ground rent to astronomical rates.
Despite owning shares in our building, we still lack the protections granted to renters and homeowners, putting us in danger of predatory rent hikes due to ground leases.
As middle-class families owning our apartments, we remain vulnerable due to our unique situation of leasing the land beneath our homes amidst soaring housing costs.
Last December brought a long-awaited victory for New York City with the adoption of the City of Yes housing plan, promising 80,000 new homes by 2040.
#housing-crisis #new-york-city #ground-lease-cooperatives #housing-affordability #tenant-protections
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