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>
Owner converted basement into additional rental apartment without permit. On December 26, 2012, an inspector from the Department of Buildings served a notice of violation charging that Pandora Realty LLC had without a permit created an apartment in the basement, complete with gas and waste lines. The illegal basement apartment on 201st Street in Queens was being rented at the time. Included with the notice was an order by Buildings to correct the violation by … <Read More>
Audit found inadequate follow-up on violations; DOB to implement most, if not all,of Comptroller’s recommendations. City Comptroller William C. Thompson issued an audit report on Buildings’ handling of Building Code and other violations. The audit determined that Buildings’ follow-up efforts on violations were insufficient, not only because of program deficiencies, but also because Buildings lacked the authority to re-inspect flagged sites without a warrant and to compel property owners to remedy violations. As a result, … <Read More>