Optimism on Massive Portfolio of Working-Class Housing

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Advocates and tenants rally around the

Photo by: Jarrett Murphy

Advocates and tenants rally around the "three-borough pool" in March.

A few weeks back, City Limits reported on the Three Borough Pool, a 42-building portfolio bought by a partnership during the real-estate boom that had slipped into foreclosure. Many of the buildings in the portfolio—which spanned three boroughs—have racked up high numbers of housing-code violations.

Last month, housing advocates rallied outside City Hall calling for de Blasio administration housing officials to pressure the mortgage lender to rebuff an effort by the pool's owners to refinance their debt, and instead sell the parcels to a "preservation owner"--an entity skilled at rehabilitating crisis properties with a mandate to serve, rather than force out, low- and moderate-income tenants.

This week came news that the