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The new tenement landlord?

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TitleInfo
Title
The new tenement landlord?
SubTitle
Rent regulated housing and the financialization of urban change
Name (type = personal)
NamePart (type = family)
Teresa
NamePart (type = given)
Benjamin Francis
NamePart (type = date)
1982-
DisplayForm
Benjamin Francis Teresa
Role
RoleTerm (authority = RULIB)
author
Name (type = personal)
NamePart (type = family)
Newman
NamePart (type = given)
Kathe
DisplayForm
Kathe Newman
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
chair
Name (type = personal)
NamePart (type = family)
Lake
NamePart (type = given)
Robert
DisplayForm
Robert Lake
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Defilippis
NamePart (type = given)
James
DisplayForm
James Defilippis
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Ashton
NamePart (type = given)
Philip
DisplayForm
Philip Ashton
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
outside member
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - New Brunswick
Role
RoleTerm (authority = RULIB)
school
TypeOfResource
Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2015
DateOther (qualifier = exact); (type = degree)
2015-05
CopyrightDate (encoding = w3cdtf); (qualifier = exact)
2015
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
Investors have increasingly purchased rent regulated housing in New York City with heightened expectations for financial performance. The study positions these intensified expectations within the context of loosening housing regulations, increasing investment in real estate, and the perception that expanding reinvestment in property markets delivers ever-increasing property value and rent increases. Forensically-recreated ownership and financial histories from property and financial records for 9 cases of private equity purchases of regulated buildings, involving over 100 individual buildings and more than 10,000 apartments describe investors’ financial and property management strategies. In-depth interviews with 5 real estate finance experts and observation of professional conferences evaluated the financial modeling and placed the case studies within broader patterns of industry practice and market dynamics. In-depth interviews with 2 local government officials, 8 non-profit housing developers and 3 tenant organizers explained the implications of these investments for tenants and communities, and the political and policy response. Investors purchase rent regulated buildings and speculate on rent increases using three distinct but connected strategies. First, investors perceive rent regulated buildings in or near the core of Manhattan to be ‘undervalued’, and rely on the increasing difference between regulated rent and unregulated rent to anticipate very large rent increases. Second, investors view rent regulated buildings in non-core neighborhoods that had been operated on relatively thin profit margins and/or under-maintained as ‘mismanaged assets’, and leveraged low-income tenants’ constrained position in tight and increasingly expensive rental markets to realize increased building revenues. Finally, investors approach the failure of investment strategies as another investment opportunity in the ‘distressed debt’ of the rent regulated buildings—the defaulted mortgages on the properties. By using mortgage debt to anticipate above-average profits, investors create debt-financed pressure for increased financial performance. This practice heightens tenants’ vulnerability and threatens neighborhood stability through increasing rent, harassment, eviction, and when financial expectations are not met, foreclosure and physical deterioration of housing. These problems thwart long-established community development practice and housing policy, driving tenant activism and policy to engage legal-financial mechanisms to redefine the tenant-landlord relationship and to tie financial expectations more closely to the material reality of tenants and communities.
Subject (authority = RUETD)
Topic
Planning and Public Policy
Subject (authority = ETD-LCSH)
Topic
Landlord and tenant--New York (State)--New York
Subject (authority = ETD-LCSH)
Topic
Rent control
Subject (authority = ETD-LCSH)
Topic
Finance
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier (type = RULIB)
ETD
Identifier
ETD_6390
PhysicalDescription
Form (authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
1 online resource (xi, 286 p. : ill.)
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Note (type = statement of responsibility)
by Benjamin Francis Teresa
RelatedItem (type = host)
TitleInfo
Title
Graduate School - New Brunswick Electronic Theses and Dissertations
Identifier (type = local)
rucore19991600001
Location
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NjNbRU
Identifier (type = doi)
doi:10.7282/T3WD42FG
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

RightsDeclaration (ID = rulibRdec0006)
The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Teresa
GivenName
Benjamin
MiddleName
Francis
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2015-04-14 22:00:32
AssociatedEntity
Name
Benjamin Teresa
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - New Brunswick
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
RightsEvent
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2015-05-31
DateTime (encoding = w3cdtf); (qualifier = exact); (point = end)
2017-05-30
Type
Embargo
Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after May 30th, 2017.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical

RULTechMD (ID = TECHNICAL1)
ContentModel
ETD
OperatingSystem (VERSION = 5.1)
windows xp
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