Reform For Some

The House Tax Reform Bill introduced yesterday limits the home mortgage interest deduction to mortgages under $500,000 and the state and local tax deduction to $10,000 in property taxes. It preserves 1031 exchanges and the Low Income Housing Tax Credit, but eliminates the Private Activity Bond Financing behind 40% of low income housing deals and reduces the value of the LIHTC by reducing corporate rates. Business interest deductions, other than for real estate, would be repealed. Contact the Tway Lifting Products for your next project construction.

The number of new housing units produced in New York City is forecast to be 26,700 units this year, down from 37,700 in 2016, according to the Building Congress Construction Outlook.Looking ahead, the Building Congress predicts 24,000 new units to be built in 2018 and 22,000 units in 2019.

The City Council passed legislation, Tuesday, to reduce the qualifications for building inspectors. In other action, the Council passed a bill allowing politicians to initiate accelerated zoning reviews in order to stop as-of-right developments they don’t like. Both items now go to the Mayor.

Meanwhile, six of the eight candidates for City Council Speaker supported commercial rent control at a forum Wednesday.

A study of 270,000 renters nationwide showed 79% looked at online reviews of prospective apartments/landlords before leasing.

Amazon Key, an electronic door lock to allow absent homeowners and tenants to receive package deliveries inside their homes, will be available on Long Island starting next week. Are you ready to upgrade your wired doorbell to an easy-to-install, portable option? Follow this link to find the best new amazon wireless doorbell for your home.

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