Try to comprehend that older people are NOT "selfish" - that's a lie told to try to marginalize people. Januat "Jerry is representing the views of selfish older folks who want a windfall to retire on." NO, please be kind enough not to conflate all "older folks" with this one man! Don't tar everyone who's older with such a broad brush, especially b/c one day YOU will be among the "older folks" too. SBT is a prime example of the high risks and hazards of leaving a ML coops before, during and after a pandemic. The post COVID environment has negative consequences on Mitchell-Lama coops that want to go private. For those seniors who elected to stay on as renters, the money made from the sales of those apartments goes directly to SBT to help cover expenses. Seniors are usually eligible for some type of SCRIE DRIE like benefit with a no eviction clause in the offering plan as long as they stay current. Most seniors will see their maintenance go down if they choose to rent. The rent is based on the size of the apartment. Maintenance surcharges that are based on income are usually not included in those who choose to stay on as renters. The reason why some seniors sign over their apartment is because staying on as a renter is probably cheaper for them than having to pay substantial maintenance assessments like SBT is going through right now. In an offering plan cooperators are usually given the option of staying on as cooperators or renters. The flip tax revenue that went along with the depressed sales doesn’t appear to be enough to pay for the substantial real estate tax increases. A simple search on ACRIS probably shows SBT didn’t meet initial and yearly sales goals. I don’t think the offering plan to go private at SBT projected enough information into the future to give a real sense of the risk and dangers you take when you leave the Mitchell-Lama program and your real estate taxes increase by millions overnight. He states “there is a significant operating deficit." The cooperators at SBT will have pay a $7 million operating assessment in addition to a $3 million assessment to cover the deficit caused by the increase in real estate taxes.
SBT financials do not comply with Fannie/Freddie. In a recent letter dated Janufrom John Fratta, SBT Board President, it states SBT is now being denied mortgages by major lenders.
Why did he recently become re-registered to vote at his Village View address after being registered to vote in Westhampton? One has to ask if his income affidavit is correct? Is he exceeding the maximum income requirements for more than three years in a row while living at VV? Did HPD give him a waiver for exceeding those maximums? Southbridge Towers is not successful.
I wouldn't be surprised if he is violating the residency requirements required by HPD in making Village Views his primary residence as he is using a P.O. That real estate tax subsidy and limited equity buy-in probably allowed him to buy another home in Westhampton Beach where the median home value is near $1 million. If Village Views privatization moves forward it will take away 50 years of capital that every New Yorker has paid into so he and others like him could have a subsidized real estate tax rate that is well below market value. Privatization occurs at the expense of others. It looks Jerry / Jerold Hackman wants to win the lottery twice.
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