After private equity firm Capital Realty bought an age-restricted affordable housing complex, its “residents are facing huge rent hikes, potentially more than doubling what they must pay now, leaving elected officials and advocates to untangle a complicated real estate deal that has left seniors in a lurch,” according to Asbury Park Press.
Asbury Park Press, September 22, 2022. Bethany Manor: Keyport senior affordable housing new owner could double some rents
PESP Research Director Jordan Ash told the Asbury Park Press, “Regardless of what happens with the economy, people are still going to need a place to live and continue to pay rent.”
A Perth Amboy Housing Authority director said, “Their rent could be going from $440 to $1,201 (for an efficiency), or $528 to $1,353 (for a one-bedroom).”
The media outlet reported that “Capital Realty owns and operates close to 17,666 affordable housing units in 27 states” and that “The company came under fire in Chicago and Washington, D.C., last year after tenants complained about substandard living conditions.”