Governor Cuomo kicked off his re-election campaign with a rosy State of the State speech this week that promised a freeze on property taxes outside New York City and a renter tax-rebate to assuage City voters. Both require asterisks. The freeze will apply to towns that stay within the existing tax cap limits…something that is harder to do as the cap continues for several years without mandate relief, and in the second year will only apply to towns that consolidate services with other communities – something that local voters seem to reject every time. Meanwhile, the renter rebate for households with under $100,000 income seems to have no connection to actual property taxes, or rent levels, and would amount to an average of only about $153 per household per year.
Locally, the election for Speaker of the City Council was won by Melissa Mark-Viverito, the candidate backed by Mayor Bill de Blasio. Crain’s reported the choice as a win for Local 32BJ and a loss for real estate and business.
Just before her election, Mark-Viverito was reported to have failed to disclose rental income on her own real estate. Another Council member who owns rental property, Inez Dickens, was hit with a rent strike by tenants who complained they had no heat..
ABO member Castle Oil won an important victory against their insurer over payments for Sandy-related damage. Ace American Insurance had tried to argue that the deductible should be calculated as a percentage of the total premium value of Castle’s facility rather than of the lesser value insured against flood.
The City is preparing to demolish the decaying landmark P.S. 31 in the Bronx, but there is no indication that it recognizes the irony of its ability to ignore the City Landmarks Preservation Commission in a way that private owners cannot.
Join us January 28, 2014 at 2 p.m., in the McGraw Hill Conference Center, 1221 Avenues of the Americas, Room 208, for an important seminar on complying with the Affordable Care Act Employer Mandate. ABO and the New York State Builders Association will be launching a private health exchange for members to help them meet reporting and insurance requirements. Unlike the State and Federal Exchanges, the ABO exchange will offer both builder and associate members the ability to manage a full array of employee benefits, including health insurance, and handle all the reporting requirements of the law. You can join the exchange and still maintain your current insurance and broker relationships. Please let us know how many to expect from your office by email to associatedbuilders@abogny.com or call 212 385-4949.