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An Apartment Complex Teeters
Next time you hear somebody complain that people walking out on their mortgage (via “jingle mail”) are immoral and should just take a few extra jobs to make ends meet, ask them why Speyer and BlackRock aren’t picking up extra jobs to make ends meet.
Oh, right. It’s just business.
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well; like anything else, don’t get involved in something you can’t afford.
Actually it is more like don’t try to screw everyone “..the sale [to Tishman Speyer Properties and Blackrock Realty] underscored the loss of affordable housing in the city and the highly speculative financial structures that…would only end in disaster…..and then last fall the state’s highest court ruled that the owners had improperly deregulated and raised rents on about 4,400 of the apartments while getting special tax breaks from the city.” Category should be Robber Barons. http://www.nytimes.com/2010/01/08/nyregion/08stuy.html