Chair Sanchez on Tracy Towers and Kingsbridge Arms as distress examples

Those findings should set off alarm bells.

They demand basic and urgent questions like how can housing that has been continuously supervised by the government fall into such severe financial and physical distress?

Wasn't this oversight intended to prevent precisely this outcome?

And if HPD has been monitoring these developments all along, when did it first see warning signs?

What did it do in response?

Were inadequate reserves, mounting debt, deferred maintenance, and deteriorating building systems allowed to reach crisis levels?

And most importantly, what is HPD going to do differently moving forward?

In addition to the situation at Tracy Towers, which we'll talk about at length, I highlight Kingsbridge Arms.

In my neighborhood, 2865 Kingsbridge Terrace presents another deeply troubling example.

The development has over $1 million in debt.

Its physical and financial conditions have become so dire that managers have been unable to manage the development.

actually relies on additional debt to cover even basic operating expenses, including something as simple as trash bags for the garbage room, while major renovations and essential repairs remain unaddressed.

Residents call us, they email our offices, they stop us at community events because they need help.