What if ICE raids on apartment buildings are not about immigrants, but buying up cheap real estate?

[jmbar2]

Private equity, and Jared Kushner connections here. Worth a watch...

[in2herbs]

1. I have never once doubted that private equity was involved. What we need to realize is that there are no longer rules

or laws so when Ds have the majority we can take back ownership of all the properties acquired by private equities since F45 took office and pay these private equity firms NO $$$$. They are thieves.

Just a note: check your investment portfolio because if your portfolio contains private equity investments you are contributing to their theft.

[rampartd]

2. bingo

what if closing the schools and hospitals and post offices is all about prime urban real estate?

"block busting" is a traditional developers trick.

[WhiskeyGrinder]

3. why not both

[mopinko]

4. a friend just shared this on fb-

Ryann Katherine Moran
·
The 7500 S South Shore building is: (a) 1 of 3 buildings subject to a pending foreclosure against the owner for $25.7m loan default; (b) the subject building in a lawsuit the city filed regarding code violations, some as old as 2+ years; and (c) movers appeared the next day to clear out detained tenants' property (an illegal lockout). Also, the building is < 3 miles from the Obama Presidential Library, which is leading to rapid gentrification in the nearby area.
The city filed a motion to appoint a receiver to manage the building, which was presented in court on Sept. 25, just a few days before the Sept. 30 raid. In the foreclosure, the Court granted leave for the mortgagee bank to file an emergency motion to appoint a receiver on Sept. 19. The hearing on the motion was set for October 1 at 9:30 a.m., less than 36 hours after the raid was conducted.
It's hard for me to believe this is all coincidental.

[jmbar2]

5. It is just sickening

I suspect this is much bigger than most people realize.

In the post-war US, the nation went on a building spree to replace tenements with quality housing affordable by the masses. In the 1990s, builders were incented to build modern low-income apartment complexes using Low Income Housing tax credits. They had to keep rents pegged to a percentage of wages for 30 years, and then they could sell them or convert them to market rents.

LIHTC waiting periods are now coming to an end and most of the remaining income-based housing is being bought up by private equity, or flipped by speculators.

The US has not had meaningful housing development for working people in decades. European countries like Austria and Finland have continued to build affordable housing, reducing homelessness. America is destroying the last of its affordable housing stock because rich people think they need more, more more.

[leftstreet]

6. +1

That's interesting

[Easterncedar]

7. Like destroying New College in Sarasota