Last Affordable Bldg on Billionaires' Row to Rally Against Displacement at Land Mogul Michael Dell's Doorstep

NEW YORK, NY (08/20/2025) (readMedia)-- Today, Carnegie House Co-op and the Ground Lease Co-op Coalition (GLCC) will hold a rally and press conference, urging the State to close a legal loophole in NYS housing law and protect more than 25,000 residents facing displacement by ultra wealthy landlords. Residents in these buildings make up New York's last unprotected class of tenants, excluded from sweeping tenant protections codified in recent State housing reforms. The rally will take place outside One57 on Billionaires' Row - home to Dell Technologies CEO Michael Dell aka one of Carnegie House's investors - right down the street from Carnegie House, where 324 families face displacement from a proposed 450% rent hike.

Watch a livestream of the rally here.

As covered in the Wall Street Journal, New York Post, and Curbed, Carnegie House is one of nearly a hundred ground lease co-ops across southern New York State caught in a legal and financial trap. Designed in the 1950s to give middle-class families a path to homeownership, ground lease co-ops own their apartments but rent the land beneath them - leaving residents uniquely vulnerable to skyrocketing land values, extreme rent hikes from landowners, and private equity capture.

About the Ground Lease Co-op Coalition: The Ground Lease Co-op Coalition (GLCC) is a non-partisan coalition of co-op owners from diverse socioeconomic, cultural, and ethnic backgrounds advocating to save their homes. Amid the statewide housing crisis in New York, this coalition supports housing fairness, stability, and affordability for the more than 25,000 New Yorkers who live in ground lease co-ops.

About Carnegie House Co-op: Built in 1962 and converted to a co-op in 1978, Carnegie House is now home to 324 middle-class families, who are at risk of displacement due to an outrageous 450% rent hike proposed by their landowners. Eager to remain in their homes, Carnegie House is working to protect ground lease co-op residents all over New York and advocate for standard legal protections, as they fight against the threat of displacement and NYC's ongoing housing crisis.