Harvard Real Estate's Cruel Hoax

In a recent reply to students who signed a letter supporting affordable housing in Harvard's formerly rent-controlled properties, Harvard Real Estate stated that the "dissemination of erroneous information can result in confusion, misunderstanding and fear." No doubt this was aimed at the claims put forward in our letter; unfortunately, Harvard failed to mention that the information they provided was misleading and, in some cases, simply wrong.

Harvard Real Estate asserts that selling its property at market rates will not produce windfall profits. A windfall profit is defined as a profit made without improving the property itself. Assuming that the corporation bought its units during the '60s and '70s, it would make at least a 300-to-400 percent profit on its housing units without having done anything to improve living conditions. That is windfall profit.

While Harvard claims that 70 units will be protected for low-income residents, that figure concerns only initial protection. Only eight units will be protected permanently. Given that Harvard is the largest landowner in Cambridge, this seems stingy, to say the least.

Harvard has said that it will give its 94 elderly and low-income tenants two years of affordable housing before raising the rents and turning their homes into affiliate housing. An 80-year-old woman looking for an apartment will not have an easier time finding a place to live at 82, nor are low-income residents likely to land lucrative postions during the next two years. This is merely a public relations maneuver with nothing being done to help residents in the long run.

Harvard Real Estate accuses its critics of not providing specific information concerning rents and costs of housing. While it is true that few exact figures have been given, this is because of Harvard's refusal to make public such information, even after a direct request from the Cambridge City Council to do so. This makes it impossible to know the facts. It also makes one wonder why Harvard does not want the City Council to see the facts. As concerned students, we join with community members in demanding that Harvard release their records so the truth of the situation can be known. --Daniel R. Morgan '99   Shoshana L. Weiner '98   Harvard Community   for Affordable Housing,   Progressive Action Network