ALBANY – One of the city’s most desirable affordable housing complexes is heading toward rent deregulation, but current tenants will be protected, The Post has learned.
Waterside Plaza – an 1,100-unit development on the East River in Manhattan – will soon give up its Mitchell-Lama status.
But after the city agreed to provide property tax breaks over the next 20 years to owner Richard Ravitch, he agreed to cap any rent increases imposed on current tenants, said Assemblyman Steven Sanders, who brokered the deal.
Under the agreement, rent increases for current tenants will not exceed 9 percent the first two years and 7.5 percent a year after that.
As apartments become vacant, Ravitch will be able to charge market rents, which should be considerable given the spectacular views and amenities available at the five-building complex.
There are 243 Mitchell-Lama buildings in the city.