Developer seeks to deregulate apartments in Crown Heights - Home Reporter News: BusinessBrooklyn

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Developer seeks to deregulate apartments in Crown Heights

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Posted: Tuesday, October 21, 2014 9:30 am

Developer seeks to deregulate apartments in Crown Heights BY HEATHER J. CHIN [email protected] Home Reporter News | 0 comments

Tenants of the Jewish Hospital Crown Heights apartment complex at 545 Prospect Place in Prospect-Lefferts Gardens are protesting the sudden deregulation of rents on their homes by owner Alma Realty – a developer that is currently seeking city council approval for the new Astoria Cove development in Queens.

The affordable units are being removed individually from rent-regulation and shifted to market rate prices upon lease renewal – up to 15 percent more – say residents and local politicians, who accuse Alma Realty of pushing out “working-class families” in favor of more affluent newcomers who arrive with the gentrification process.

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