The coalition of housing advocates argues that the newly introduced bill threatens to remove tens of thousands of rental units from New York City's market.
Advocates assert that the proposed measure creates loopholes that allow private equity firms to dominate the rental landscape, exacerbating existing housing crises.
Whitney Hu criticized the City Council's alleged contradictions in fighting for housing stability while proposing legislation that could incentivize 'private equity vultures'.
The recent rally was marked by strong opposition from various organizations, urging the City Council to protect the scarce housing supply instead of catering to corporate interests.
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