In a city where nearly 3/4 of the population are renters, property owners wield an immense amount of influence. Between 2017 and 2022, 28% of new property sales in the city of Paterson has gone to LLCs or Limited-Liability Companies. Today over 10% of the city's properties are owned by LLCs, a kind of businesses structure with limited responsibilities while still receiving tax benefits. LLCs allow single owners to purchase vast amount of properties without attracting much attention as they hide behind shell companies, making it difficult to pinpoint who exactly owns these properties. When one owner holds a lot of property, they can exercise a lot of power, dictating evictions, manipulating the market rates for apartments and more. As Paterson officials continue to sellout the city, LLCs are continuing to buy up the city. Look below to see how corporate ownership compares to individual homeownership in the 5th ward.
