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Showing posts from July, 2015

NYC was shortchanged under 421-A - NY Post

 

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NY PostExcerpt
City was shortchanged on affordable housing: report By Yoav Gonen July 14, 2015 | 10:38pm

The city was shortchanged on the number of affordable apartments created under the 421-a property-tax abatement that state lawmakers gave the developer of the luxury Midtown residential tower One57, according to a report issued Tuesday. The Independent Budget Office found that the $65.6 million in taxes forgiven to One57 over a decade could have produced roughly five times the 66 units created under the subsidy. Paying affordable-housing developers directly would have garnered the city as many as 367 units with the same amount of money, while a separate program that gives nonprofits tax breaks to operate low-rent housing could have yielded 320 units, the analysis found.

Key change in 2015 Albany law can slow deregulation

 

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Tucked into Albany's renewal of the rent laws is a new provision, described by the
(landlords') Rent Stabilization Association:
"For high-rent vacancy deregulations based upon the new threshold, deregulation will be based upon whether the legal regulated rent for the prior tenant was more than $2,700. Please note that this change does NOT affect prior deregulations which were based upon the legal regulated rent of the new tenant."  
What it means:
Up to now, the last tenant in an apartment that became vacant could have been paying $1800 - but the landlord then "improved" the apartment raising the rent to the de-regulation amount ($2500 before June 15, 2015).  Once it was up to that amount, the owner took it out of rent regulation permanently and rented it for whatever the market would bear - sometimes $4000 or more.
The change is that to de-regulate the apartment under the new law, the LAST TENANT in that apartment when it was rent stabilized must have been…

Losses to Rent Regulation from 2007 to 2014

 

Whither Rent Regulation   - Excerpted from a blog by John Krauss



Jul 1st, 2015
EXCERPTS  : 

Buildings that are 100% stabilized look the same on [DHCR's] list as buildings with just one apartment left in the program. The secrecy blanketing the stabilization program . . .  provides cover for landlords who fail to tell the state (register) their stabilized apartments. Registration is voluntary — another loophole in the law — and failure to do so could be an indication that they are overcharging their tenants. If a landlord doesn’t like charging the legal rent, they can simply “forget” to register. It’s up to the tenant to take them to court to comply. HIDDEN IN PLAIN SIGHT . . . Remarkably, the number of stabilized apartments in each building over the last seven years is hidden in plain sight, in property tax bills. With help from a few civic hackers, I built taxbills.nyc, a collection of every tax bill going back to 2008 for every building that might be stabilized in New York Cit