Who Owns Newark? A Case Study of One Building
From 2017 to 2020, over 47% of Newark’s one-to-four unit buildings were sold to institutional buyers, often anonymous, resulting in higher rents and evictions in this majority-black city. In particular, two properties on Broad Street in Downtown were bought up by slumlord Israel Weiss, emptied of all local businesses, and proposed for demolition to build a 45-story skyscraper. The skyscraper has run into funding difficulties and will likely never be built. In the meantime, in a city governed by hopeless logics of speculation, Weiss’s abandoned buildings are an eyesore.
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