There are plenty of reasons to protest Lone Star Funds. If you’re from Oregon, you may be pissed that their risky investment practices are putting your retirement in jeopardy. Or if you’re from Korea, you may be upset that they bought a massive amount of Korean Exchange Bank stocks, only to make a short sale and triple their profit on the backs of union workers. (And even if you’re not from either of these places you may still be mad!)
If you’re a New Yorker, you should be pissed that Lone Star Funds has a habit of buying up loans on distressed buildings, filing for foreclosure and then selling for a massive profit. They do this regardless of real rents, building conditions, or tenant concerns. But this morning, tenants from the Washington Heights and Inwood neighborhoods of Manhattan are telling Lone Star Funds they have had ENOUGH. Tenants from 16 buildings in Northern Manhattan will be marching on the New York offices of the Texas-based private equity company, armed with signs that read, “Don’t Mess With Tenants!” They are protesting the firm’s predatory investment practices and demanding a role in discussions about the future of their buildings.
As frequent readers of our blog know, tenants from these buildings in Washington Heights and Inwood have lived for years under a harassing and negligent landlord, Vantage Properties. Now, tenants are concerned that the actions of Lone Star Funds will allow their homes to be re-overleveraged and sent into disrepair once again. These buildings are home to 826 families – over 2,000 New Yorkers.
Washington Heights and Inwood are, in realtor parlance, “up and coming neighborhoods.” That’s code for gentrification. Join tenants this morning to fight to keep Northern Manhattan affordable!!
Queremos Preservación, No Mas Especulación!
What: Protest again private equity company Lone Star Funds
When: Thursday, September 27th at 11:30 AM
Where: 888 7th Avenue, New York, NY