From the Jersey Journal:
Advocates: Housing crisis getting worse
The conversion of a rent-controlled Central Avenue apartment building into condominiums has raised questions about the availability of affordable housing in Hudson County’s still-hot residential real-estate market.
Originally built by the federal Department of Housing and Urban Development in 1963, the 16-story, 300-unit super-block-style building was designed as affordable housing for low-income families. All units currently occupied are rent-controlled.
Matthew Shapiro, president of the New Jersey Tenants Association, said conversions like this one are exacerbating Hudson County’s severe affordable housing shortage.
“We oppose massive conversion to more expensive housing. There is an extreme affordable housing crisis in New Jersey, and Hudson County is the king of conversion areas,” he said.
Union City Mayor Brian Stack has also voiced concern about the conversion.
“I’m deeply concerned any time a building converts to condominium when current tenants are still living there,” he said.
“I don’t have a problem with condos being built, but this is someone’s home. It’s a piece of their life being taken away,” Stack added.
I think I know the building they are talking about. My wife’s grandmother lives in a studio in that building and my wife lived there for a short time as a child. Apparantly, the tenants got letters with the option of purchasing or getting out. I think my wife’s grandmother was exempted because of her age.