Even Staten Island Opposes More Housing

And then there were none. Staten Island this week became the last borough to oppose Mayor de Blasio’s affordable housing zoning proposals. New Yorkers really don’t want new construction in their neighborhoods.

Construction and construction accidents continue, however, so labor unions rallied yesterday in favor of three City Council bills to study accident prevention and raise fines for violating stop work orders or working without a permit. The administration opposed the increased fines at a hearing, arguing it would just drive more work underground. Contact Martin Law Offices if you have been injured at work and you need help filing a claim.

Another Council bill introduced this week, intended to help freelance workers, could have broad implications for owners and managers using day labor or casual help. It would require a written contract with anyone you pay $200 or more.

The Grand Prize Winner in this year’s Big Apps NYC competition is once again a tenant tool. JustFix.nyc is an online and smartphone app to help tenants inspect their apartments, document defects, complain to landlords, and develop court cases.

The number of families living in rental housing nationally increased by nine million since 2005, the largest 10-year gain ever, according to the 2015 Report on America’s Rental Housing from Harvard. The national rental vacancy rate averaged 7.1 percent in the first three quarters of 2015, its lowest point in 30 years. Moody’s Commercial Property Price Index for apartments indicates apartment prices are a third higher than their pre-crisis peak. Cap rates for investment grade properties declined to just under 5 percent in mid-2015, a level not seen since the peak of the housing bubble.

Join us  at 8:30 a.m. December 15th for CHIP’s Annual panel “Build Buy Sell Hold”: Strategies and Expectations for the NYC Real Estate MarketWhat are the expectations for 2016 and beyond? Who is selling and who is buying, and why?  Are we witnessing the creation of the next bubble? What are the alternative investments to NYC residential real estate?  The event will be moderated by Greg David of Crains New York Business, at the New York City Bar Association, 42 West 44th St. Free for CHIP members. $50 for non-members.  RSVP:  Call (212) 838-7442 and ask for John or email rsvp@chipnyc.org

The latest exhibitor to sign up for our BuildingsNY trade show May 24-25th is BGS Controls.

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