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Resource ID: #23213
Subject: Housing
Source: Herald News, Paterson (N.J.)
Affiliation: 
Date: 10/15/2006

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Description

Paterson, N.J. mayor Jose "Joey" Torres "sold liens in blighted neighborhoods to a favored developer at a cut rate." The developer (Glen Fishman) would then foreclose on the properties and "flip them for a profit." Non-profit groups like Habitat for Humanity, which had been attempting to construct affordable housing were thus priced out of the market, or had to pay marked-up prices to Fishman for land in the tough neighborhoods.

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