KaiDaiz t1_itaj9iv wrote on October 22, 2022 at 3:43 AM

Reply to comment by Extension_Gap2319 in Press Advisory: AALDEF and Chinatown & LES Community to Announce Lawsuit Using NY’s New Environmental Protections Against Major Developer by hannibalbaracka

Most of the chinatown buildings are owned by few select asian families that had a pact long ago to never sell outside the group. If one ones to exit, the remaining get first dibs and pools to buy out the member leaving. Its how chinatown stayed chinatown for this long. Naturally as each generation pass, someone gets sway from from the pack with larger offers. Personally not a fan of these racial covenant and I will call it out and should be done away even if it means losing diluting the demographics of the area.

Area is prime real estate but good amount are RS/RC plus with buildings aging and ever costly to run based on the rent collected...who else is able to pay the higher rent but not the non asian folk to subsidize the remaining rent regulated units? plus exodus of its asian demographics to cheaper areas - harder to keep chinatown within the family.

Would argue - that chinatown needs non asian money to keep it afloat more than ever.

pillkrush t1_itaur1e wrote on October 22, 2022 at 5:52 AM

chinatowns over, businesses and homes are giving way to artisanal coffee shops and hipsters. even tenements are smelling like pot and u know the Chinese don't smoke marijuana. most of the restaurants and businesses closed during the pandemic. primetime for the holdouts to sell out

KaiDaiz t1_itawlyq wrote on October 22, 2022 at 6:16 AM

Well they are renting out the market units for profit to gwailos to subsidize the operation of the rent regulated units for existing asian population. The holdouts still want to own the properties. All depends on how much money toss at them and when their rent regulated units become too much of a burden for them keep.