In April, 2012 Lone Star Funds filed for foreclosure against Vantage Properties - a notorious predatory landlord - on 16 buildings in Northern Manhattan. Despite tenants' wishes, Vantage has maintained control of 4 of them. 10 buildings are being marketed for $50 million - this price is too high, even higher than the current mortgage! This amount will force a new owner increase rents and reduce much needed services in order to make their mortgage payments.
These buildings are currently home to over 2,000 low income New Yorkers, many of whom have lived in their apartments for all of their lives. As rents continue to rise in New York City, tenants who are forced out of their homes often have no where to turn. It is important to fight gentrification and displacement that harms New York City neighborhoods.
Despite multiple requests from elected officials, advocates and city agencies, Lone Star Funds has refused to meet with tenants to discuss their plans for their homes. It is vital for the communities in Inwood and Washington Heights that we fight to STOP SPECULATION on low income housing and KEEP NORTHERN MANHATTAN AFFORDABLE.