NEW YORK (AP) — A New York City housing complex will stay affordable yet allow tenants the new option of ownership under an agreement announced by Gov. Andrew Cuomo.
The Democrat unveiled the arrangement Sunday for Westview, a 361-apartment complex on Roosevelt Island in the East River.
Westview could have withdrawn from a state program that gave landlords tax and other breaks in exchange for limiting rents. However, the owners, the state and tenants have been negotiating a pull-out that would keep apartments affordable.
Cuomo says the new 30-year deal will let qualified Westview tenants buy their apartments at below-market prices, with limits on re-sales. Other residents can continue renting at regulated rates.
Most Read Business Stories
- Netflix raising prices for 58M US subscribers as costs rise
- Alaska Air to add thousands of jobs in 2019
- After the bitcoin bust and a local bankruptcy, Douglas County doubles down on blockchain
- Alaska Airlines flight diversion leads to a 30-hour nightmare for passengers WATCH
- Most Googled tech questions state-by-state
The owners will get tax, mortgage and other benefits.
A message left at the owners’ office wasn’t immediately returned.