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DOSSIER: AIMCOAIMCO - large US REIT producing rental refugeesAIMCO (Apartment Investment Management Company) is the largest Real Estate Investment Trust (REIT) in the rental housing sector in the USA, currently owning or managing more than 240,000 apartments. Tenants Organizations in the U.S. accuse AIMCO for replacing scarce low income subsidized housing with luxury market rental or condominium developments and for violating basic housing rights. Habitat Netz and Ruhr Tenants Forum support U.S. campaigners who try to put an end to the evictions.
Artikel in DOSSIER: AIMCO--- 2 articles found --- Click on the titles --- HIC Thu, May 11 2006 REITs [Real Estate Investment Trust] create rental refugees In their coalition agreement, the Berlin grand coalition basically advocated for stock market speculation via introduction of tax-free German Real Estate Investment Trusts, also known as REITs. But delegates of SPD’s [Social Democratic Party] left wing cry foul now. REITs could result in losses of trillions and create the destruction of Germany’s social housing structures. In the US, REITs make money by turning renters into refugees and by demolishing [mostly] HUD subsidized apartment complexes. >> Read more HIC Thu, May 11 2006 Condo-Coversions and Evictions in Los Angeles In Los Angeles, as in many other American Cities, real estate companies are acquiring former social dwellings and converting them into private condominiums. Since 2001, nearly 13,000 evictions (nearly 9,000 evictions since 2005) have occurred as a result of affordable rental housing units in Los Angeles being demolished or converted to condos, and the trend is escalating. In 2004, 1,261 units were lost; last year, 5,273. At its current pace, the 2006 figure will be higher. The city is working to add affordable housing, but it is losing as many such units. Meanwhile, most of its low-income tenants are evicted to make way for market-rate housing. | Rubriken |
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