Pakistan’s Roosevelt Hotel took $146M in NYC taxpayer cash for migrants — and owes over $13M

 The Pakistani government is screwing New York City taxpayers – again.

After pocketing $146.6 million to run the Roosevelt Hotel as a migrant shelter for two years, Pakistan’s state-owned property is now stiffing the city for $13.6 million in overdue property taxes and nearly $1 million in unpaid water bills, The Post has learned.

Even worse: A sweetheart deal with the feds to redevelop the Midtown landmark into a supertall skyscraper could let Pakistan dodge all future taxes — potentially costing the city tens of millions per year.

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The Roosevelt Hotel housed tens of thousands of migrants in NYC.Helayne Seidman for the NY Post

The Pakistani-owned hotel at 45 East 45th St. signed a payment agreement with the city’s Department of Finance in September 2023, when it already owed $11.6 million. 

But despite getting paid millions by taxpayers to house migrants, Pakistan blew off a $573,361 payment due Jan. 2 and skipped a $3.9 million half-year payment.

“This property is currently in default on its payment plan,” a DOF spokesman confirmed.

The hotel’s annual property tax bill hits $7.7 million this July.

A joint venture between Pakistan and the US government to demolish the Roosevelt and build an office tower could trigger a federal tax exemption, since the State Department typically asks the DOF to grant one when a foreign government buys US property.

“We have not received a letter in this case,” the DOF spokesman said. “However, any charges that accrued prior to government ownership must still be paid.”

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Migrants were often seen gathering outside the Roosevelt Hotel.James Keivom

The Roosevelt served as the primary intake center for migrants flooding the city starting in 2022, processing more than 173,000 of the 232,000 asylum seekers. The hotel often housed 2,600 migrants a night from May 2023 through June 2025, under a $220 million contract that paid about $202 per night per room.

What was supposed to be a safe refuge for asylum seekers became a hellhole. Migrants slept in retail spaces and on sidewalks as the hotel became overwhelmed.

The Roosevelt became a hub for the Venezuelan street gang Tren de Aragua, which organized moped robbery crews out of the hotel, according to Homeland Security officials.

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Jose Ibarra stayed at the Roosevelt Hotel months before killing Laken Riley in Georgia.Getty Images

Another Venezuelan illegal housed at the Roosevelt, Jose Ibarra, departed the hotel in September 2023 and less than six months later, murdered University of Georgia nursing student Laken Riley. Ibarra is serving a life sentence without parole.

The city is still battling the Trump administration over $80.5 million in FEMA reimbursements clawed back on Feb. 11, 2025.

Meanwhile, Pakistan has been scrambling to unload the Roosevelt, which has been owned by state-run Pakistan International Airlines since 1999. It hired real estate giant JLL in late 2023 to solicit bids expected to top $1 billion. But JLL withdrew over conflicts of interest.

The potential joint venture with the US government is still in early stages, with only a Memorandum of Understanding signed.

The Pakistani Embassy, the GSA, the city Department of Environmental Protection, and the Mayor’s office did not respond to requests for comment.

https://nypost.com/2026/02/28/us-news/pakistans-roosevelt-hotel-took-146m-in-migrant-cash-now-owes-13-6m-in-back-taxes/

Trump pledges to make housing affordable while keeping values up

 President Donald Trump said his administration plans to make housing more affordable for new homebuyers while keeping home values high for existing homeowners.

Trump delivered his State of the Union address to a joint session of Congress on Tuesday night and touted the lower cost of new mortgages since he took office in January 2025.

"Mortgage rates are the lowest in four years and falling fast, and the annual cost of a typical new mortgage is down almost $5,000 just since I took office. One year," Trump said.

"Low interest rates will solve the Biden-created housing problem while at the same time protecting the values of those people who already own a house that really feel rich for the first time in their lives. We want to protect those values; we want to keep those values up. We are going to do both. And we are going to keep it that way," the president added.

Data from Freddie Mac shows that the average rate on a 30-year fixed mortgage declined from 7.04% in January 2025, when Trump began his second term, to the current 6.01%.

While lower interest rates can help with the affordability of mortgages taken out by new homeowners, they have an inverse relationship with home prices, as lower rates stimulate demand among prospective buyers, which pushes home values higher.

That dynamic can counteract the affordability improvements from lower mortgage rates by increasing the size of the mortgage, as both elements factor into the owner's monthly payments.

Investors have noted that the most effective way to lower home prices would be to expand the supply of homes, though they cautioned that most of the laws and regulations are governed at the state and local level, which gives the federal government few options.

Trump also discussed his plan to ban institutional investors from buying large numbers of homes, citing the experience of a State of the Union guest who he said was outbid for 20 homes by "gigantic investment firms that bypassed inspection. Paid all cash and turned those houses into rentals, stealing away her American dream."

The president said that stories like those prompted his executive order banning large investment firms from buying homes and called on Congress to make the ban permanent, adding that, "We want homes for people, not for corporations."

Trump's order directs federal regulators to promote home sales to individuals and to issue guidance preventing federal programs from facilitating single-family home sales to Wall Street investors. The order also mandates antitrust scrutiny of institutional home purchases and calls on Congress to codify the changes into law.

Jake Krimmel, senior economist at Realtor.com, said of the move that, "In particular, large institutional investors represent a relatively small share of the national housing stock, and because their activity is often highly localized, it remains an open question whether banning new purchases would meaningfully shift metro-level markets."

National Association of Home Builders CEO Jim Tobin said that his organization has been engaged with the administration to push policies that could help lower the cost of building new homes, adding that "corporate investment in housing has been a driver of new home construction."

Wall Street firms including Blackstone, American Homes 4 Rent and Progress Residential have bought thousands of homes since the 2008 financial crisis prompted a wave of foreclosures. Firms owned about 3% of all single-family rental homes by June 2022, government data showed.

Those firms dispute that their investments have stoked inflation in housing prices, with Blackstone noting it has been a net seller of homes for the last decade.

https://www.foxbusiness.com/politics/trump-pledges-make-housing-affordable-while-keeping-values-up

First time California homebuyers can now get $150K for down-payments — but clock is ticking

 First-time homebuyers in California have just 20 days starting tomorrow to lock in up to $150,000 in down payment assistance through a revived state program aimed at easing the crushing cost of buying in the Golden State.

The state’s Dream For All Shared Appreciation Loan Program (DFA) is opening for a limited 20-day window, running from Feb. 24 through March 16.

The program, sponsored by the California Housing Finance Agency (CalHFA), offers eligible first-time buyers either 20% of a home’s purchase price or up to $150,000 — whichever is less — to cover a down payment or closing costs.

“The California Dream For All program has already helped thousands of Californians buy their first home,” Tony Sertich, executive director of CalHFA, told The Mortgage Reports. “As these homeowners begin to repay their loans, the funds are reinvested into the program to create a cycle that will continue far into the future, planting the seeds of generational wealth to help keep the California dream alive.”

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The loan could cover your entire downpayment.Rido – stock.adobe.com

In high-cost coastal markets like San Francisco and Los Angeles, where median home prices often top $1 million, that could mean the full $150,000 toward a down payment.

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This could be you, if you’re lucky enough to be selected and approved.WavebreakMediaMicro – stock.adobe.com

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Illustration of a homeowner’s financial journey with a CalHFA Shared Appreciation Loan.CalHFA

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Illustration of the California Dream For All Shared Appreciation Loan, showing how a moderate-income homeowner’s initial $500,000 home value appreciates to $640,000 over five years, detailing the distribution of equity upon sale, and the DFA loan payback.CalHFA

On a $750,000 home, for example, 20% equals $150,000 — meaning a qualifying buyer could potentially put down 20% with little to no money saved for the down payment itself.

Unlike a traditional grant, the assistance is structured as a shared appreciation loan. Borrowers repay the original loan amount when they sell or refinance the home — plus 15% to 20% of the home’s appreciation. Those returns are then recycled back into the program to help future buyers.

The program operates on a lottery system. Interested buyers must first register for a voucher, and a randomized drawing will determine who receives one.

It is not first-come, first-served.

Here’s who is eligible

• At least one borrower must be a first-generation homebuyer
• All borrowers must be first-time homebuyers
• At least one borrower must be a current California resident
• Household income must fall within CalHFA income limits for the county where the home is being purchased
• Buyer must obtain a DFA Lender Pre-Approval Letter before registering

Prospective buyers who meet the eligibility criteria would need to contact a CalHFA-approved lender offering the Dream For All program to secure a pre-approval letter — a required step before registering for the voucher drawing. Applicants must also complete a free, one-hour online education course explaining how shared appreciation works and how it affects long-term repayment.

Then, after submitting their application through the online portal with all required documents, buyers are one step closer to being randomly selected in the voucher drawing.

Documents you’ll need handy to apply

• California Dream For All (DFA) Lender Pre-Approval Letter
• Government-issued ID (passport, driver’s license, state ID, military ID, permanent residence card, visa or employment authorization document)
• Foster care documentation (if applicable)
• Information for both parents of the designated first-generation borrower, including:
  • Full name
  • Date of birth
  • Date of death (if applicable)
  • Current address
  • Proof of parent relationship (birth certificate or adoption papers)

The state says the goal is to create a sustainable funding cycle — helping one generation of Californians buy homes while reinvesting repayments to support the next.

https://nypost.com/2026/02/23/real-estate/first-time-california-homebuyers-eligible-for-150k-in-downpayment-assistance-but-theres-a-catch/