** Other People’s Money by Charles Bagli


Other People’s Money: Inside the Housing Crisis and the Demise of the Greatest Real Estate Deal Ever Made tells the story of Stuyvesant Town, a Manhattan housing complex built after WWII for moderate-income workers, and whose $5.4 billion sale in 2006 made it the largest real estate deal ever. The book tells the details of how the deal came about, in excruciating detail. (Who cares that one of the investors’ flight on a private job had an aborted landing?) But before the tedious story of the deal comes the story of the birth of Stuyvesant Town, which is much more interesting: how the city made large tax concessions to an insurance company, MetLife, to build affordable housing, even though it discriminated against African-Americans, and how the city’s rent-control ordinance allowed the original tenants to stay put, for decades and for smaller and smaller rents compared to the market, sometimes passing their apartments from parents to children, creating another set of unseemely social discrimination.

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