UPDATE: On December 6, 2016, the New York City Council voted 42-0 to approve Introduction 1182-2016 which requires the Department for Citywide Administrative Services to conduct an extensive review of a request to remove a deed restriction on a property managed by DCAS, including a public hearing, to determine whether the request removal furthers the best interests of the City.
The legislation is a response the controversial sale of the Rivington House to a luxury … <Read More>
UPDATE: On December 6, 2016, Mayor Bill de Blasio signed the package of bills to increase gas safety in New York City. “Gas safety is important for all New Yorkers, and this legislative package will resolve numerous regulatory oversights,” said the Mayor. “These reforms will ensure both property owners and utility companies are accountable for keeping buildings safe.”
“In a relatively short time we’ve seen a number of gas explosions take place in the City; … <Read More>
UPDATE: On November 29, 2016, the City Council voted 49-0 to approve the Lambert Houses application with modification. The approved application now includes the Mandatory Inclusionary Housing option with deep affordability—half of the apartments will now be affordable for those making 30 percent or less of the average median income. The City has committed $12.3 million for infrastructure improvements in the West Farms area, including the construction of two new schools in the area—adding at … <Read More>
The City Council, Public Advocate and administration officials agree that new measures should be taken to ensure 421-a compliance, proposed legislation is a good start. On November 22, 2016, the City Council’s Committee on Housing and Buildings and Committee on Finance held a joint hearing on the City’s enforcement of 421-a requirements. The meeting also served as a public hearing for three proposed bills to strengthen enforcement efforts.
City Council Members and Citywide Officials formally endorse Home Stability Support legislation. On November 22, 2016, New York City Public Advocate Letitia James and thirty members of the City Council formally endorsed the promulgation of the Home Stability Support program. The announcement was made at an afternoon press conference and rally on the steps of City Hall. The event was co-hosted by the Public Advocate and Council Member Grodenchick, and included speeches by Council Members … <Read More>
City Council Members seek to strengthen tenant protections from predatory equity landlords. On October 31, 2016, City Council’s Committee on Housing and Buildings held a five-hour public hearing on a complement of five bills, two of which related to predatory equity.
Since the mid-2000s and largely due to the housing bubble, predatory equity has become a metastasis on the New York City housing market. The predatory equity get-rich-scheme works as thus: private investment money is … <Read More>