[caption id="attachment_229068" align="alignright" width="300"]![]( "An NYC homeless shelter")
An NYC homeless shelter[/caption]
Paying rent-stabilized tenants lump sums of cash to move is a quotidian strategy for landlords eager to cash in on market-rate renters or luxury conversions. Buying out tenants only to replace them with the homeless is far more unusual. But according to the New York Times, generous city payments to house the homeless are causing more and more landlords to get into the game.
In part because of an extreme scarcity of homeless shelters in the city, the Department of Homeless Services is willing to pay far more than the standard asking rent to house New York’s homeless population, even spending in excess of $3,000 a month for derelict rooms without a bathroom or kitchen. [more]![]()
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An NYC homeless shelter[/caption]
Paying rent-stabilized tenants lump sums of cash to move is a quotidian strategy for landlords eager to cash in on market-rate renters or luxury conversions. Buying out tenants only to replace them with the homeless is far more unusual. But according to the New York Times, generous city payments to house the homeless are causing more and more landlords to get into the game.
In part because of an extreme scarcity of homeless shelters in the city, the Department of Homeless Services is willing to pay far more than the standard asking rent to house New York’s homeless population, even spending in excess of $3,000 a month for derelict rooms without a bathroom or kitchen. [more]