As New York City experienced rampant arson and neighborhoods saw continued disinvestment in the 1970s, many residents stayed and stuck it out — even as landlords abandoned them. They organized and began working with the city to take over foreclosed and neglected properties, transferring them to nonprofit community development corporations to stabilize neighborhoods and preserve affordable housing. Many of those same groups today face tough competition in a pricey New York City real estate market, and a new nonprofit, JOE NYC, has several of them joining together to get an edge.
Categories:Next City