Teachout: More tenant protection needed against predatory equity

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Zephyr Teachout discusses her platform in front of a Jared-Kushner-owned building. (Photo by Maria Rocha-Buschel)

By Maria Rocha-Buschel

Attorney General candidate Zephyr Teachout has announced specific tenant-friendly objectives she would implement in the office if elected in response to reports that 19 tenants are suing Jared Kushner’s real estate company for pushing them out of their rent stabilized apartments.

Teachout’s agenda, which she announced on Monday in front of the Kushner-owned building in Williamsburg whose tenants have filed the lawsuit, includes creating an ombudsman position that would be responsible for engagement with tenant groups and organizers to respond to complaints and increasing criminal prosecutions in the Real Estate Enforcement Unit, a division of the AG’s office that investigates and prosecutes cases involving bank fraud, deceptive lending practices, tenant harassment and other real estate-related crimes.

“These crimes are committed every day by real estate companies in New York,” she said. “If we really want to change their behavior, we have to go after them criminally and not just civilly.”

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Hoylman and Epstein call for more transparency in real estate lending

State Senator Brad Hoylman and Assembly Member Harvey Epstein at a rally on Sunday, held in front of a Jared Kushner-owned property on East 12th Street (Photo by Maria Rocha-Buschel)

By Maria Rocha-Buschel

State Senator Brad Hoylman and Assembly Member Harvey Epstein hosted a rally in the East Village on Sunday to slam local predatory landlords and to announce a bill calling for more transparency in real estate lending.

The rally was held in front of a building owned by presidential son-in-law and accused slumlord Jared Kushner, Westminster City Living at 504 East 12th Street.

At the event, the elected officials announced the joint legislation that will direct the New York State Department of Financial Services to collect data on financial institutions lending to landlords acquiring property that include rent-stabilized tenants and investigate the role financial institutions play in encouraging anti-tenant practices.

The legislation argues that predatory equity has destabilized rent regulation and the affordable housing market in the city. The practice of predatory equity involves landlords acquiring rent-regulated properties with low to moderate-income tenants through highly speculative loans and then attempting to harass those tenants out to replace them with those who’ll pay market rent.

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