"Tenants in the landmark building will be offered the chance to buy their apartments at insiders price such as $230,000 for a studio and $595,000 for a three-bedroom apartment. Owners would then be free to set their own re-sale prices, though residents in the rent-stabilized apartments will not see any changes if they want to go on renting.Still, the plan will result in the building’s transformation from moderate-income rentals to luxury (ed - emphasis added) condos. As a result, it has frightened residents, who are unsure whether they’ll be able to buy, even at the insider prices."
Why does the conversion to condos automatically make the units luxury? A condominium is simply another form of ownership. By using this adjective, the Brooklyn Paper is seeking in incite fears of "them" moving in. Used to be that "them" meant Puerto Ricans. The Brooklyn Paper is simply trying to stoke fears of long-time residents regarding condo conversions and their perceived impact on affordability, but the fact remains that the average condo price is cheaper than the average single-family home, significantly increasing affordability for most who would otherwise be renting.
The fact remains that if a renter becomes an owner (at below market prices, I might add), not only may they benefit in the long run, but the unit will most likely stay identical whether they buy or not. The only change would be the form of ownership!
