Luxury condo or building buyers cannot hide their identity behind an LLC as easily under new rules adopted by the City, the New York Times reported this week. Instructions for the Real Property Transfer form now require the name and social security or EIN for every member.
At the other end of the economic spectrum, the Wall Street Journal reported analyzing Independent Budget Office data that shows one third of more than 1,000 low income co-ops created by the City are delinquent on property taxes. Many others have already been foreclosed. Some might remember that the co-ops were created under the Tenant Interim Lease program after the former private owners were foreclosed…because they could not collect enough rent from the same residents to pay taxes.
Two L&T cases reported this week highlight how the courts don’t work. In Jacob Marion LLC vs. Doe the judge reviewed a rental history back to 1986 to determine an overcharge, without once discussing the four-year statute of limitations on reviewing rent records. In NYCHA v. Morales, the housing authority was blocked from evicting a tenant whose family was using the apartment to store illegal drugs because, the judge opined, the tenant was disabled and presumably unable to look under the couch where the drugs where found.
Like golf and gambling and upstate New York in summer? Join us at New York State Builders Association summer event at Turning Stone Resort, August 27th. Contact email@example.com for information.
Another NYSBA benefit is a surer bet than the casino. You have until August 21st to apply for extra manufacturers rebates on products you have bought since January from companies such at Delta Faucets, Boise Cascade, Honeywell and dozens more. No receipts and free money. Check it out.