President Trump is naming Lynne Patton, an event planner with no housing experience and questionable academic credentials, to run HUD Region 2, according to yesterday’s Daily News.
The New York Metro Area is on track to add about 100,000 apartments by 2030, but needs 278,000 according to an analysis released this week by the National Apartment Association. The New York apartment industry and residents add $3.5 billion a day to the economy, the report said.
Long Island needs more apartments too. The Long Island Association reported this week that the critical 20-34 year-old population increased by 36,000 from 2010 to 2015 after falling by almost150,000 in the prior 20 years.
Nassau County’s Rent Guidelines Board is having hearings June 20th and 26th, but apparently won’t decide final guidelines until September, playing havoc with required advance renewal offers.
What does even the threat of rent control do to multifamily property values? Offering prices for apartment buildings dropped 25% before a recent rent control referendum was defeated in Santa Rosa, California…if they could get an offer.