More insights into the City’s plan for rezoning East New York and the template for other neighborhood rezonings for housing development were reported this week…and the plan seems to be more mid-rise than high rise as maximum density is sacrificed for neighborhood context.
The Furman Center issued a new report on the demographics of Rent Stabilized housing, which was widely reported to show that stabilized tenants were poorer than market rate tenants. Equally interesting, however, was the borough breakdown on rents and rent changes. Median market rents in the outer boroughs were not that much more than median stabilized/controlled rents. The median 2011 market rent in Brooklyn, for example, was $1330 vs. $1118 for regulated units. The Manhattan difference was huge, $2600 vs. $1283. And while regulated rents citywide went up around 50 percent from 2002 to 2011, Manhattan market rents only went up about 14 percent.
Tenant crimes can come back to haunt owners. The City has moved to fine Silvershore Properties because the bagel shop in a building they bought last year was selling untaxed cigarettes.
But tenants may not suffer for their crimes. In the continuing Airbnb saga, a Housing Court judge has ruled they while a tenant renting their apartment out through Airbnb may be illegal, it is a curable offense and they cannot be evicted for it if they stop when caught.
Monday is the deadline for reserving space at the ABO luncheon June 25th with Kyle Kimball, president of the Economic Development Corporation. Don’t miss out. Click here to reserve online or call the ABO office now.