Deficit Committee “created to fail?”

The special congressional committee on deficit reduction seems to have been “created to fail” NAHB President Jerry Howard told ABO members at our luncheon, Wednesday. While he thought serious debt reduction legislation might be a year or more away, carried interest, mortgage interest deductions and government backed mortgage securities are all heavily in play and could have dramatic effects on the housing market. NAHB is meeting with congressional and presidential candidates to press the case for a sound housing policy.

In a battle closer to home, the Landmarks Preservation Commission voted this week to freeze 21 buildings in a new Borough Hall Skyscraper Historic District over the objections of owners and business groups. The City Planning Commission and City Council take up the issue next.

Rumor has it that the City requirement for Energy Benchmarking buildings over 50,000 square feet may set a new benchmark for non-compliance and fines. Owners who failed to file by August 1st will get bills for $500 per quarter. The next quarterly deadline to file without another $500 fine is November 1st. Check this list to see if your property should have been filed.

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