After allegedly fraudulent deals, who operates a building?

Read the full article at The Real Deal online.

Multifamily property owners who acquire buildings through questionable means, often involving mortgage fraud schemes, often face a wealth of challenges. Many are limited experience in property management and ultimately struggle to maintain their buildings, whether that means correcting a sewage backup, fixing a broken pipe, or . While these issues may appear as isolated incidents, they call out broader systemic problems when it comes to developers and property owners trying to run their buildings. Problems like this require seasoned professionals who have been in the industry for decades and understand how to effectively manage properties and communicate with the tenants living there.

“It’s just a totally different world,” Alex Argento, Senior Vice President – Head of Southeast Operations at AKAM, said. “You’ve got to talk to tenants. Developers are not going to talk to tenants.”

With many fraudulent deals in the housing market, more and more properties are being mismanaged or abandoned, contributing to the overall housing shortage and exacerbating the affordability crisis. The market is now seeing increased scrutiny and demand for regulation to ensure property owners are held accountable and that tenants have access to safe, well-maintained and properly managed housing.