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>
Coops created by an HPD sale of City-owned buildings engaged in dispute over an obligation to share commercial space income. In 2003, the City conveyed 14 buildings, located on the West Side of Manhattan on 87th, 88th, 89th and 95th Streets. The buildings were to be converted Housing Development Fund Corporations (HDFCs), which are low-income residential cooperatives owned by tenant-shareholders . Three of the 14 buildings contained commercial space. Under the City’s conveyance, the … <Read More>
Association of developers and contractors of affordable housing claimed that local law on prequalification and disclosure violated their constitutional rights. On September 24, 2012, the City Council passed Local Law 44, which required the Department of Housing Preservation and Development to create a public website disclosing the scope and location of publicly-funded affordable housing projects as well as complaints about developers, contractors and subcontractors involved in the project. The website must also list which … <Read More>
City forces eight landlords to fix building code violations in twelve buildings by threatening to stop paying rent for tenants on public assistance. On May 26, 2016, Mayor Bill de Blasio and Public Advocate Letitia James announced the use of the 1962 New York State Spiegel Law as a tool to compel landlords to fix violations for tenants receiving public assistance. Landlords who do not complete repairs quickly will lose out on rent payments.
If enacted, the bills would mandate the Department of Housing Preservation and Development to provide legal assistance information to susceptible tenants. On May 4, 2016, the City Council Subcommittee on Housing and Buildings held a public hearing on two bills introduced to ensure seniors and disabled persons facing eviction have access to information about the legal services available to help them. The bills would mandate the Department of Housing Preservation and Development to provide such … <Read More>
The watchlist and online map would keep track of affordable housing rental units at-risk of becoming unaffordable, as defined by specified criteria. On April 7, 2016, New York City Council Members Ritchie Torres and Mark Levine introduced a bill to implement the creation of a watchlist for affordable residential rental units Citywide that are at risk of losing their affordable-housing status. The bill provides the requisite criteria to be met by a residential rental unit … <Read More>