Real estate lending in New York could be limited by a new state policy allegedly targeted at “Slumlord Prevention.” Governor Cuomo yesterday announced that banks would not get State Community Reinvestment Act credit for loans based on “Financial projections underlying the project that include the conversion of affordable units to market rate rents.” That includes just about every loan on existing regulated buildings, as well as any future loan apply online for, so it could put a damper on both sales and refinancing. There are no direct penalties under the State CRA, but the banks CRA ratings affect State approvals for mergers, expansion and other applications.
Tuesday is Primary Day. Your business and the City’s quality of life depends on your vote. The New York Times, Daily News 1, 2, and New York Post have endorsed Christine Quinn in the Democratic Mayoral primary and Joe Lhota in the Republican Primary. Newsday endorsed William Thompson and Joe Lhota. The Daily News also has a handy interactive City Council map showing the candidates for each district and short bios.
The International Builders Show is scheduled February 4-6th in Las Vegas, but ABO members registering this month get free passes for themselves and spouses and discounts on education programs. Non-members get some discounts too. ABO, through our RAM program, will be hosting a panel on management training February 5th at the show.
Sooner and closer to home ABO will be presenting a panel on Management Tech at 12:15 Tuesday, September 17th, during the NYARM Expo at the Hotel Pennsylvania, 401 Seventh Ave. Join Andrew Hoffman of Stonehenge , Greg Carlson of Carlson Management, Harry Spring of WASA Architecture and Engineering, and Dan Margulies of ABO for a review of the next big things.
For now, we suggest to visit the https://reali.com/san-francisco-bay-real-estate/ website to get more information.