[UPDATE BELOW] Around 10:30 this morning, activists for the homeless cut through a fence and seized a vacant lot at 115th and Madison Ave in East Harlem; they say the property is owned by JPMorgan Chase, which is a "recent beneficiary of billions in taxpayer bailout money." The occupation, organized by the group Picture the Homeless, has drawn over 100 activists to the lot, and they've been busy turning it into a festive "tent village," with a casita, a stage, banners, barbeque grills, and two dozen tent structures—inspired in part by Depression-era Hoovervilles. On their blog the group says:

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