Bronx tenants needing repairs worry new owner will raise rent
Residents who live in a Grand Concourse apartment building say they are happy that a new owner could fix much-needed repairs, but they are fearful rents could rise.
Tenants in the apartment building at 888 Grand Concourse say the building went into foreclosure, and a public auction slated for Jan. 9 was postponed until next month.
A new owner could make long overdue improvements, but tenants worry they would then apply for drastic rent increases, forcing them out in a potential "flip" of a valuable property.
Public Advocate Letitia James released a statement along with Assemblywoman Latoya Joyner and Councilmember Vanessa Gibson saying, "The news that the auction of 888 Grand Concourse is being held off is a welcome reprieve for tenants. Our work is not done, and we must find a long-term solution for the residents of this building. We will continue to work with Madison Realty Capital, Casa, legal services, and other shareholders to keep these hard-working tenants in their homes."
The lawyer representing the tenants has asked housing court to appoint an administrator to oversee building repairs until they are complete.