Defenders of the “strategic default” have put forth the argument that corporations can strategically default by declaring Chapter 11 bankruptcy. Opponents of strategic default advocate the sanctity of contract, and the moral obligation to adhe
This week, New York Gov. David A. Paterson signed comprehensive foreclosure legislation into law, providing additional critical protections for New York state homeowners, tenants, and neighborhoods in the wake of the ongoing foreclosure crisis. This legi
Developer Bruce Ratner now has most of the cash he needs to build a new Nets arena in Brooklyn for his Atlantic Yards project. Ratner sold $511 million in tax-free bonds to pay for the arena. “The overwhelming support from investors is a good sign o
Gordon Gekko’s favorite military strategist, Sun Tzu, said, “If your enemy is secure at all points, be prepared for him. If he is in superior strength, evade him.” Stuyvesant Town owners Tishman Speyer and Black Rock apparently failed t
A tentative legal agreement has been reached that reduces rent for thousands of tenants at a massive middle-class Manhattan complex for the next six months. The agreement was reached today in state Supreme Court, after the New York State Court of Appeals
Low-income families, formerly homeless families and individuals with special needs celebrated the official opening of Honeywell Apartments, a $15.5 million Phipps Houses development in the West Farms section of the Bronx. Made possible by the New York Cit
The Village Voice ran a recent story provocatively titled, “World’s Worst Apartment Building.” Rats, prostitutes, and drug dealing were among the problems. Make no mistake: these are serious issues. The headline, though, was hyperbolic a
In July, 2007, the CMBS delinquency rate stood at 0.22%. As of today, that rate has not just doubled, tripled, or quadrupled. In fact, it’s more than duodecupled. Twice. For some perspective, consider this: Apple’s stock in July, 2007 was $12
When Ronald Reagan campaigned for President in 1976, he reviled “welfare queens” who lived off the public dole through fraud and manipulation: Reagan would tell the story of a woman from Chicago’s South Side who was arrested for welfare
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