Why Irish immigrants should get cheap apartments at Stuyvesant Town

Irish immigrants should get a housing quota in Stuy Town according to Ciaran Lynch (above) of the Irish Labor Party.

Keeping his tongue firmly in cheek, Lynch says that "a certain proportion of apartments...should be made available to Irish emigrants who have just arrived in the city and who are trying to find their feet.

"Each unit could be made available for to the new arrival for say 2 months and residents would only be required to pay as much rent as they could afford during that time.

Lynch is only joking but he makes a valid point. The AIB got bailed out by the taxpayer so if AIB is a part-owner of Stuyvesant Town then the Irish taxpayer also has a stake.

It still beggars belief that the people who are supposed to be the brainiest people in the room couldn't see the writing on the wall in 2006.

How did an Irish bank get tied up in what the Times called a "poster child for the entire housing bubble."

And just to remind you of the figures, AIB helped organize part of the loan for the then $6.5bn deal. Four years later the complex is worth less than $2bn.

I wouldn't let these people mind a piggy bank, let alone a real bank.


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