Volume 19 | Issue 28 | November 24 - 30, 2006

Privatization by another name?

Real estate attorney Stuart Saft argues in his report on Southbridge Towers possibly leaving the Mitchell-Lama housing program that “reconstitution” is a better word to use than “privatization” to describe the action Southbridge residents are debating. Southbridge residents already own the co-op and are considering whether it makes sense to convert from a limited equity cooperative and reconstitute as a shared equity cooperative. While Downtown Express does not dispute Saft’s description of what the change will be, we believe “privatization” is the better word to use because not only is it the most common word used to describe the action, the change would end the state Division of Housing and Community Renewal’s public supervision of the complex.

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