|“Bronx real estate is permanently linked in the public imagination with the landlord arson of the 1970s,” Eileen Markey writes. “Nowadays, landlords don’t need to actually burn their buildings to get their cash. With Freddie’s help, they can simply refinance them into the ground.”
For our latest cover story, Eileen Markey digs into how Freddie Mac, a public entity, is sucking money from America’s poorest slums. Markey tracks a group of apartment buildings in the Bronx that, although they house hundreds of families, are no longer really homes, but rather vehicles for speculation.