Search

Search using this query type:



Search only these record types:

Item
File
Collection

Advanced Search (Items only)

Press Release: Congressman Benjamin Rosenthal Proposes Legislation on Condominium Conversion

Files

Title

Press Release: Congressman Benjamin Rosenthal Proposes Legislation on Condominium Conversion

Description

Press release which declares Congressman Benjamin Rosenthal's proposal to limit condominium conversions via new legislation.

Subject

Rosenthal, Benjamin S.
Condominiums--Conversion

Creator

Kaplan, Jeffrey

Source

Benjamin Rosenthal Collection

Publisher

Queens College Department of Special Collections and Archives (New York, N.Y.)

Date

1981-06-06

Rights

This material may be protected by the U.S. Copyright Law (Title 17, U.S.C.). We welcome you to make fair use of the content accessible on this website as defined by copyright law. Please note that you are responsible for determining whether your use is fair and for responding to any claims that may arise from your use.

Format

Image
JPEG
95740 bytes

Language

English

Type

Text

Coverage

Queens (New York, N.Y.)
Washington (D.C.)

Text

News from Congressman Ben Rosenthal

FOR RELEASE: SATURDAY, JUNE 6, 1981
6:30 P.M.
CONTACT: Jeffrey Kaplan
PHONE: 255-2601

ROSENTHAL LEGISLATION WOULD STEM THE TIDE OF CONDO CONVERSION

Representative Benjamin S. Rosenthal (D-L, N.Y.) today announced that on Monday, June 8, he will introduce a legislative package to curtail the spreading nation-wide practices of converting rental housing to condominiums and cooperatives.

"Condomania is sweeping America", said Rosenthal, "displacing those on fixed and limited incomes, providing windfall profits to developers and speculators, eroding the stock of available rental housing, and escalating inflation in the housing market. We are facing an urban Klondike fever in rental real estate, creating a class of city refugees, driven from converted apartments they cannot buy and increasingly unable to find, let alone afford, equivalent units elsewhere." "This run-away process must be stopped, the speculators controlled, and the American people protected", said Rosenthal.

Congressman Rosenthal is Chairman of the House Subcommittee on Commerce, Consumer and Monetary Affairs which has been investigating the conversion crisis for nearly two years. As a result of testimony from government and private citizens from across the nation, Rosenthal has concluded that legislation is necessary to deal with the following conditions:

* the rate of apartment conversions is increasing geometrically, and beginning to spread from major cities to suburbs and smaller towns;

* one-half to 3/4 of apartment dwellers are unable to purchase their units, when conversion occurs.

* conversions are forcing apartment vacancy rates down to critically low levels;

* developers' profits are extraordinarily high, frequently by doubling the value of converted apartments with minimal, if any, property improvements;

* federal tax policies are contributing to, rather than relieving, the conversion crisis. Federal Home Loan Bank Board anti-speculation regulations are being systematically violated;

8th CONGRESSIONAL DISTRICT - N.Y.(QUEENS)
Queens, N.Y. (212) 939-8200 * Washington, D.C. (202) 225-2601

Original Format

Paper
Press release
8.5 x 11 inches (216 x 279 mm)

Citation

Kaplan, Jeffrey, “Press Release: Congressman Benjamin Rosenthal Proposes Legislation on Condominium Conversion,” Queens College Archives and Special Collections, accessed November 24, 2017, http://archives.qc.cuny.edu/queenscollege/items/show/431.