News: Private investors squeeze building maintenance costs                     City Room Blog, New York Times, Oct.6, 2008 ...How much does it cost to operate a residential building in New York City? Some private equity investors who have acquired New York apartment buildings believe they can do it at about half the cost of their predecessors...The tenants at Robert Fulton Towers in the Bronx said they have seen far less maintenance after the property was sold in 2006 to an investment group...Dina Levy, director of organizing and policy with the Urban Homesteading Assistance Board, said, “The financial meltdown of affordable and rent-regulated apartment buildings will not be limited to Robert Fulton and Fordham Towers"...          See blog posting

News: More city apartments facing foreclosure Crain's New York Business, Sept. 28, 2008 Nobody knows precisely how many tenants are at risk, but advocates say a minimum of 580 buildings, containing 40,000 units, have one or more factors that could lead to default ... private equity firms have gobbled up at least 90,000 affordable-housing units in the city at inflated prices, with the hopes of raising rents and maximizing profit ... “If you want a Cadillac, buy a Cadillac,” says Dina Levy, project director of the Urban Homesteading Assistance Board. “Don't buy a Chevy and try to turn it into a Cadillac"...          See article

News: Bronx Pol Asks SEC to Eye Sale Tactics for Birthplace of Hip Hop          NY Daily News, Sept. 9, 2008 Rep. Jose Serrano fired off a recent letter to the head of the Securities and Exchange Commission, urging an investigation into sales tactics surrounding the building at 1520 Sedgwick Ave. ... The Aug. 13 letter included a missive from the Urban Homesteading Assistance Board (UHAB) that detailed the trend of "predatory equity"...           See article

The Birthplace of Hip Hop at 1520 Sedgwick Avenue The Bronx building whose cellar community room has been celebrated for touching off a movement in music that resonates to this day may lose its 100 units of affordable housing. Tenants, musicians, and housing advocates have banded together to fight for the preservation of valuable affordable housing.  Read More