This from New York 1:

The federal government could soon step in to block the sale of the
Starrett City low-income apartment complex in Brooklyn.

Senator Charles Schumer and other elected officials say the deal to
sell the development to Clipper Equity could be a disaster for Starrett
residents. Critics say Clipper would have to price out many of the
current tenants to make a profit off the $1.3 billion deal.

Schumer says New York can’t allow that to happen.

"We are not going to abandon our responsibility just because there
is somebody who can pay top dollar and top profits and try to change
the nature of Starrett. The federal government kept this place going.
This is not a free market situation," said Schumer.

Alphonso Jackson, the Secretary for Housing and Urban Development,
says HUD is skeptical and will take a close look at the deal. He says
it could potentially threaten New York City’s low-income housing
market.

In response, Clipper Equity says it is, "crucial to protect
long-term affordability at the 5,881-apartment development” and that it
looks forward to further discussions on how to achieve that.

Meanwhile, Congressmen Anthony Weiner and Edolphus Towns say they’re also concerned about the sale of Starrett City.

They fear the sale would raise the rents of some 12,000 residents if Clipper Equity opts out of existing government subsidies.

"Given the widely inflated offer at $220,000 per apartment, the
owners are virtually – I mean you could see that in terms of where
they’re going," said Towns. "The fact that they paid $220,000 per
apartment, that’s a message."

"In order for the new owners to make a profit on these properties
they have only one place to look. And that is the pocketbook of the
tenants or new people that would move into Starrett City and Spring
Creek," said Weiner.

The sale still needs federal approval.

Starrett City, which is also known as Spring Creek Towers, is the country’s largest federally-subsidized apartment complex.