Hat tip & applause to the reporter. It's a superb feat to so clearly demonstrate the corporations' duplicity using only their own words and their own actions. The Daily Show in particular excels at this, and yet it seems to require too much legwork and skepticism for the well-funded TV networks to pull off.

Of many, many bald-faced lies told by company reps and demolished by the reporter:

Only 5 of the 455 units were empty at the time of the filing. All but one unit was regulated, with average monthly rent of $752, or 65 percent below market. Once the apartments become vacant, the document said, Vantage will renovate the units and raise rents “to market levels.” That will generate enough cash to service the $70 million in debt that comes due in 2014.

Vantage’s debt service is an estimated $1,098 monthly on each unit, almost 50 percent more than the average rent. Mr. Rubler said that the description of the recapture program was “not our words,” but those of the debt security’s underwriter, Credit Suisse Securities. “I think they overstated significantly the focus on turnover in the business plan,” he said

posted by mrflip at 04:49PM CST on May 09

Note to any private equity firms looking for prime properties to raise the rent on or perhaps convert to condos: just follow me and find out where I am planning to live next! Wherever I live always seems to get sold and force me to vacate after a year or two.

Of course, it's not as bad as zieglerfe who only got a few short months in the new place (with the new baby!) before being told to scoot. All that stuff he just put together should be fun to break down and move to another place. 

posted by natedogg at 05:04PM CST on May 09

... this, right after I painted the girls' room, the bathroom, and began painting the living room.

But I guess I was lucky that it was not a private equity firm, but the University of St. Thomas. The apartments will become student housing and we are allowed to stay no later than 30 days after the end of our lease, 28 February 2009, with the option of moving out anytime before that without a penalty.

Students will begin to move in the fall.

Does this mean that I am living in a dorm again? 

posted by zieglerfe at 11:25AM CST on May 25

The universe just can't reconcile itself to ziggy as pater familias. 

posted by mrflip at 11:45AM CST on May 25