I just read the law, kind of interesting. It doesn't give them first dibs at all. These are commercial properties only, basically apartment buildings. The law is written so it says if an apartment building goes up for sale and no individual or local business tries to buy it in 30 days, it will prioritize working with nonprofits that focus on affordable housing to secure the building to use as affordable housing. Then if there are no nonprofits qualified it will open the sale to all parties.
The law is freezing out foreign investors and stopping them from buying up apartment buildings in NYC, but still allows NY and US businesses to buy them first, then nonprofits, then it opens to foreigners.
Well, they're not a non-profit. So this is giving locals and people who want to help a leg up or at least a chance to buy things first before blackrock buys it all.
I just read the law, kind of interesting. It doesn't give them first dibs at all. These are commercial properties only, basically apartment buildings. The law is written so it says if an apartment building goes up for sale and no individual or local business tries to buy it in 30 days, it will prioritize working with nonprofits that focus on affordable housing to secure the building to use as affordable housing. Then if there are no nonprofits qualified it will open the sale to all parties.
The law is freezing out foreign investors and stopping them from buying up apartment buildings in NYC, but still allows NY and US businesses to buy them first, then nonprofits, then it opens to foreigners.
not actually a bad idea and certainly is in line with america first
Interesting
Wow, sounds great on paper, but BlackRock will own everything then.
Well, they're not a non-profit. So this is giving locals and people who want to help a leg up or at least a chance to buy things first before blackrock buys it all.
That's true. If it works out well, good for them.
In most cities blackrock has a deal with the city leaders to buy up property before it hits the market.