Private Equity Taking Over Hoboken?
With the dozen or so redevelopment agreements in the pipeline representing 100s upon 100s of new apartments, many of which will more than likely end up owned by private equity, it is incumbent on our elected representatives and, it is the mayor that negotiates these redevelopment agreements, to seek legal advice on how to build concrete protections for occupants of the exorbitant number of anticipated rental units forthcoming in these developments.
Increasing the number of designated affordable units, creating a CLT controlling some sizable percentage of units, implementing rent protections into the redevelopment agreement (the city is currently doing this for commercial rentals in the Neuman Leather project) or some other protection must be built into these redevelopment agreements and, any new redevelopments anticipated.)
Greystar, one of the private equity firms mentioned in the article already owns property in Hoboken. I haven’t checked any of the other private equity firms mentioned, but there is a good chance that, at least, some of them are here as well.
Any and all residents that are concerned about escalating transience would be acting in their own best interest to unilaterally oppose any redevelopment that includes residential development unless and until the administration tackles this issue. It’s time to invest our legal resources, time and energy in ways that enhance the ‘community feel’ that everyone points to in Hoboken.