NYCHA Residents Excoriate The Agency's 'Desperate' Pitch For Privatization

For more than a year, NYCHA has been trying to sell skeptical residents at Holmes Tower and the neighboring Stanley M. Isaacs Houses on a 50-story infill project to be built by Fetner Properties, a New York-based housing developer. The development at East 92nd Street is one of two in the city being rolled out under the authority’s NextGen initiative, also referred to as NYCHA 2.0, which would allow NYCHA to strike deals with private developers like Fetner as a way of generating much-needed money for capital improvements. NYCHA stands to earn $25 million from the Holmes project. Following criticism last year that not all the money would be used to help residents at the site, the agency pledged to reserve all of that money for repairs at the existing Holmes Tower complex. [ more › ]

from Gothamist http://bit.ly/2UwLKzk

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