Double Standards

The year couldn’t end without another New York City Housing Authority lead-paint scandal. The Daily News reported last week that NYCHA placed families in apartments with known lead paint, abated by uncertified workers, without any of the required disclosure notices.
Private property owners may be more affected by a Federal Appeals Court ruling, Wednesday, ordering the U.S. Environmental Protection Agency to propose long considered modifications to the lead hazard levels for paint, dust, and soil within 90 days and adopt any changes within a year.
The State Division of Housing and Community Renewal wound up the year with a new Tenant FAQ on Major Capital Improvements, advising tenants that grounds for challenging MCI rent increases include “defects in the installation of the new equipment, improper cost documentation, complaints of harassment by the owner, outstanding violations of record, lack of registration filings, the issuance of DHCR rent reduction orders,” and “failure to meet useful life requirements for the item being replaced.”
Commercial real estate owners and operators did pretty well in the tax bill signed by President Trump, Friday. The National Association of Realtors published an industry summary, including examples of the effects on developers’ personal taxes.
Looking ahead, pension funds, insurance companies and other institutional investors are reportedly over the urban luxury apartment boom and looking to suburban multifamily development and class B apartments for higher yields.
New York City, meanwhile, is predicting slower job growth for the next several years and wage and tax growth in the 3-4% range.
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