Free market be damned.
That was the overwhelming sentiment at the Penn South co-ops, the low-priced complex in Chelsea where highly coveted apartments can be had for $30,000. Residents voted on Thursday whether to accept a city financing deal that would extend the complex’s affordability by eight years, keeping units out of private hands until at least 2030. According to Brendan Keany, the site’s general manager, 87 percent of people voted to accept the deal, while 13 percent voted no. (Continue reading...)
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