On April 2018, New York City Comptroller Scott M. Stringer issued a report on the impact of Airbnb on City rents. The report looked at how the home-sharing company impacted rent in the City over the period of 2009 to 2016. The report found that rental rates increases during this time period can be attributed to Airbnb.
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State Senate To Provide Exception to Floor Area Ratio Cap for City Residential Buildings
A proposed State bill seeks to give City broad flexibility to increase floor area ratio in residential developments. The New York Senate has introduced bill S6760 by including language in their budget resolution that will amend the State’s Multiple Dwelling Law to provide an exception for the floor area ratio (FAR) cap. Currently, the law provides for a floor area ratio not to exceed 12.0 in New York City. The amendment will introduce language to … <Read More>
Fair Housing Planning Process To Put a Lens On Residential Segregation
A new comprehensive process will seek to understand and address discrimination, residential segregation, and unequal access to opportunities through studies and community collaboration. On March 9, 2018, the Department of Housing Preservation & Development announced the launch of “Where We Live NYC” in partnership with the New York City Housing Authority. Where We Live NYC is a comprehensive fair housing planning process to study, understand, and address patterns of residential segregation and how these … <Read More>
Audit Faults Shelter Contracts
State Comptroller’s audit criticized the high costs of past homeless shelters leases; the agency responded that it is in the process of tightening its leasing procedures. In October of 2017, the New York State Comptroller’s office released an audit regarding contracts signed over the past four years between the City and landlords providing homeless shelters. The audit found that the Department of Homeless Services does not have written policies and standard operating procedures for key … <Read More>
New Development Will Bring Affordable Co-Op To First Time Home Buyers
New cooperative building will give first time home buyers affordable opportunity to own their home. On February 28, 2018, the Department of Housing Preservation & Development (HPD) announced plans to develop a 100 percent affordable seven-story co-op building in the Williamsbridge section of the Bronx. The building, named Sydney House, is the first affordable housing development to be financed under the HPD’s Open Door program.
Schneiderman Announces $500,000 Settlement with Harassing Management Company
Schneiderman announces settlement with New York City landlord accused of harassing rent-stabilized tenants across two boroughs. On September 27, 2017, New York State Attorney General Eric. T. Schneiderman announced that a settlement had been reached between the State and ICON Realty Management. ICON owns several rent-regulated buildings in the East Village, the Lower East Side, and Brooklyn. The Attorney General alleged that ICON had engaged in illegal methods to harass rent-regulated tenants, including dangerous construction … <Read More>