Squatters of the Lower East Side
99% Invisible
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New York City's Landlords Milked Their Buildings
In the 1960s and 70s, New York City began hollowing out. Landlords couldn't make a profit anymore by renting out their buildings to low-income tenants. So they would do all they could to extract maximum profit from them. The city ended up owning tens of thousands of properties as property values tanked.
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