Other People's Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made
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Other People's Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made
The battle of Stuyvesant Town lasted from 1943 to 1952 and gave rise to the open housing movement in the United States,
limit its annual profit to 6 percent and to set monthly rents at $14 per room.
It provided a twenty-five-year tax exemption worth an estimated $53 million.
The city agreed to limit public oversight, to use the power of eminent domain on behalf of Metropolitan to acquire the land and to give Metropolitan unprecedented control over the selection of tenants.