CHIP completes new rent stabilized ownership study.Community Housing Improvement Program (CHIP), in cooperation with the Rent Stabilization Association, completed a highly comprehensive and revealing study about owners of rent stabilized real estate in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of City--the first study of this nature in over 25 years. Working together with the acclaimed economic consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a Urbanomics, CHIP has gathered a vast array of cumulative data and information based on a sampling of the owners of 50,000 rent stabilized buildings. The study provides strong evidence to dispel the media caricature that owners of rent stabilized property are primarily large corporate interests, speculators, frequent "flippers n. 1. A type of shoe with a paddle-like front extending well beyond the end of the toe, used an aid in swimming (especially underwater). " of property and absentee owners. Among the findings of the CHIP study: * Over 48% of owners are either new immigrants or children of immigrants * 71.% of owners have had their properties for 20 years or more * Well over half(55.6%) of owners either live in their own buildings or nearby, in the same borough * Over 86% of owners manage their own properties * Over 70% of owners own as individuals, or as part of a family business * More than one quarter of all owners depend on rent revenues for 75% or more of their income. Key components of the CHIP study include owners' nativity Nativity See also Christmas. Neglectfulness (See CARELESSNESS.) Nervousness (See INSECURITY.) Bethlehem birthplace of Jesus. [N.T. , management profiles and business characteristics. Incomes, size of portfolio holdings and borough-by-borough comparisons on a variety of issues are also introduced. The most striking information detailed in the study is the profitability of holdings with over 50% of owners saying they made less money or have lost money over the last five years. In conducting the CHIP study, Urbanomics drew on a diverse body of skills in areas such as regional economics, urban economics and public finance. "For the first time in a generation, we possess new, highly detailed information that rarely gets disseminated to the public and reveals the true characteristics of owners of rent controlled and rent stabilized residential property in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ," remarked CHIP Executive Director Patrick Siconolfi. "It creates a distinct image of who these owners are and what their livelihood is about and dispels many of the myths that have been created in the media and in the minds of tenants." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion