Media focuses in on Tenant Harassment by Private Equity

Attorneys
from our Queens Legal Services Office, among others, are representing tenants
who have been targeted for harassment by private equity firms which are buying
up thousands of rent-regulated apartments across New York City expecting to generate quick
profits by increasing rents after existing tenants leave their units. The tenants’
fight against the firms has received extensive coverage in the media over the
past two months.

A May 5^th New York Times
article reports that tenant advocates are seeing a pattern of harassment and
intimidation of residents of rent controlled apartments intended to force them
out of their homes so that the rents can be raised. In the past 4 years,
developers backed by private equity firms have acquired almost 75,000
rent-regulated apartments. Gretchen Morgenson, “Questions of Rent Tactics by
Private Equity,” New York Times, May 5^th 2008. Article link (subscription required).

City Limits Weekly continues the focus
on tenant harassment by highlighting the fight against Vantage Properties, LLC,
which has bought about 9,500 units of housing in Queens and upper Manhattan since 2006.
Tenant advocates report that Vantage has used tactics like not cashing rent
checks and initiating frivolous legal actions to force tenants out. Queens
Legal Services Corporation along with others filed a lawsuit against Vantage
Properties in early April. One tenant, Jose Ricardo Aguaiza, has been sued by
Vantage three times, twice for nonpayment of rent even though he had proof from the
post office that the payments had been sent. Adam Pincus, “Harassment can come
with building investment,” City Limits
Weekly #637, April 28^th, 2008. Article
link.

The Tablet (the weekly newspaper of the
Diocese of Brooklyn) covers a protest held by tenants and tenant advocates
against Credit Suisse’s financial backing of Vantage Properties. Over 300
tenants and supporters carried homemade signs, shared personal stories and
delivered a symbolic eviction notice to Credit Suisse. “Credit Suisse is the
bank that gave Vantage the money to buy buildings in Queens,
and Credit Suisse is profiting from our displacement,” said one protester.
Stefanie Gutierrez, “Migration Office Assists Tenants,” The Tablet, Vol. 100 No. 4, April 26^th, 2008. Article link.

The
Queens Tribune reports that State
Senator John Sabini (D-Jackson
Heights) attended the
protest and announced a state grant directed to the Immigrant Tenant Advocacy
Project, a program of the Catholic Migration Office and a co-litigant in Queens
Legal Services Corporation’s lawsuit, to provide legal assistance to tenants.  Noah C. Zuss, “Queens Tenants Rally Against
Abuse,” Queens Tribune, April 17^th, 2008. Article link. A follow-up
Tribune article reports that City
Councilmember Eric Gioia (D-Woodside), who was also on hand to support tenants
in front of Credit Suisse, is calling for City Council hearings to address
harassment by Vantage Properties. Noah C. Zuss, “Harassed Tenants
Building Support,” Queens
Tribune, May 15^th, 2008. Article link.

Further
coverage of tenants’ fight against Vantage: 
Tom Robbins, “Wall Street Takes Dead Aim at Affordable Housing in New York City.” Village Voice, May 20^th,
2008. Article
link. Bill Egbert, “Tenants say rent-regulated apartments threatened by
investment firms.”  NY Daily News, April 14^th, 2008. Article
link. Shane Miller, “Council to Hold Hearings on Tenant Harassment.” Queens Ledger, May 15^th 2008. Article
link. Robert McCreanor, “Queens Tenants
Rise Up Against Predatory Equity,”  Tenant/Inquilino Volume 38, No. 4, April
2008. Issue link
(PDF). Citizen Orange (immigrant rights blog) “NYC Tenants Protest Credit
Suisse’s Support of Abusive Landlord.” April 15^th, 2008. Link
to post.

Vantage
isn’t the only Private Equity Firm being charged with tenant harassment—read
about Westbrook tenants’ fight against predatory equity on the Lower East Side in the April 2008 issue (page 8) of Tenant/Inquilino, the newsletter of the
Metropolitan Council on Housing. Jenny Laurie, “Lower East
Side Tenants Organize Against Predatory Equity.” Tenant/Inquilino Volume 38, No. 4, April
2008. Issue link
(PDF).