“We have legislation in the state that would stop all this,” City Councilmember Pierina Sanchez said at a rally supporting a bill for 'good cause' eviction. “You don’t just get kicked out just cause somebody wants to make millions from your home.”
Smith is one of many tenants in nearby buildings owned or previously owned by Glacier Equities, a private investment company that purchased unsold shares in several cooperative buildings across the Bronx in 2020. Longtime subletters like her had been told they’d have to purchase their apartments or leave their homes of decades, with little legal recourse.
Glacier Equities spokesperson Rachel Brill said the company was, “proud to be offering new homeownership opportunities for Bronx residents that aren’t in pricey new towers; but in revitalized cooperatives.” Brill said the company offered to help set the Smiths up with a real estate broker and pay for moving expenses after the couple tried but didn’t qualify for a mortgage for their longtime apartment.
“A lot of people just panicked, got up and left,” said Carmen Acevedo, 73, a tenant of another building in Glacier Equities' portfolio where a similar situation was playing out. She said she got a letter from the company a few weeks ago telling her to leave by March. “I didn’t sign no forms and that’s when they sent the eviction notice.”
The “good cause” bill would guarantee tenants in market-rate housing the right to a lease renewal if they pay rent on time and aren’t otherwise out of compliance with their rental agreement. The legislation also gives tenants the right to fight evictions if they’re based on rent hikes of 3 percent or more a year. The legislation faces
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