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Around two-thirds of the apartments enjoy below-market rents protected by New York's notorious rent-control laws, and many tenants fear that a new, more commercially minded owner who has paid top dollar for the properties will make their lives less comfortable.
ECONOMIST: Housing in New York
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The government had hoped to set rents for some tenants just below the open market rate but the change meant the trusts, which meet a fifth of the demand for social housing in Jersey, will be able to charge less if they want to.
BBC: Jersey government approves housing reforms
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In exchange, former owners would be offered one-year leases with options to renew the leases in each of the following two years at rents that the bank determines are at or below the current market price.
WSJ: Alternative to Foreclosure Tested