Newsletter: April 15, 2011

The New York State Assembly passed what should be called the “Millionaire Renters’ Protection Act.” A02674A provides that

  • all apartments deregulated since January 2007, and all apartments deregulated before then that are renting for less than $5000, be reregulated
  • sets limits of $300,000 income and $3000 rent for high income/high rent decontrol.

  • lowers the statutory vacancy allowance from 20 to 10%

  • makes major capital improvement increases into temporary surcharges, expiring after seven years
  • and reduces 1/40th individual apartment increases to 1/60th.

The Governor is leaning the Assembly way, but, so far, the State Senate is not.

Meanwhile, a Sienna Poll found that even upstate voters and Republicans statewide favored extending and strengthening rent regulation.

The Water Board is considering a 7.5% rate hike in July. The hearing schedule and links to the proposal are here.

That probably won’t help apartment buildings avoid foreclosure. The Furman Center at NYU just released an analysis showing that 2,146 apartment buildings in New York City had lis pendens filed on them between 2006 and 2010, returning us to 1993 recession levels. Foreclosure rates on 50-99 unit buildings jumped 265% since the 2000-2005 period.

You can go to Far and Away, for information about this and more.

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