Mitchell-Lama Co-op Southbridge Towers Divided on Privatization

Nov. 20, 2014 — Weren't we just talking about the Mitchell-Lama co-ops late last month? We sure were. Only 45,400 limited-equity co-op and rental apartments in 98 buildings remain, compared to 105,000 apartments in 269 buildings in 1955 when the program began. New York State Senator Jeffrey D. Klein (D - 34th District) sponsored legislation in December to build more. Great news for supporters of Mitchell-Lama. But back in the news this week is Southbridge Towers in the Financial District, which voted for privatization just under two months ago. Residents of Southbridge are divided on the issue, reports The New York Times, adding that the "state’s Homes and Community Renewal agency is reviewing the Southbridge vote for accuracy, but has no authority to override a shareholder decision or block privatization." If it goes through, and it's certainly looking like it will, it means the more than 1,600-unit complex would become "the largest Mitchell-Lama co-op in Manhattan to privatize at a time when the city is struggling to hold onto its dwindling stock of affordable housing." And that's bad news for Senator Klein, proponents of Mitchell-Lama and middle- and working-class New Yorkers who are left vying for whatever affordable housing is left.