Apartment Boom Slowing

Spending on new apartment construction, alteration, and renovation in New York City is projected to decline to $11.6 billion in 2018 from $16 billion in 2016 and continue to drop, according to the Building Congress.

The State Division of Housing and Community Renewal posted new instructions online for initial registration of 421-a apartments subject to the post-2015 or earlier program rules. Also, as we blasted earlier this week, there are new required stabilized lease riders for New York City and ETPA areas.

The annual Rent Guidelines Board circus kicks off with a preliminary vote April 26th at the Great Hall at Cooper Union. The RGB hasn’t posted dates for hearings or a final vote yet.

Title Insurers are suing the State to overturn regulations effective February 1st that prohibit paying for golf outings, baseball tickets, and such to win business, but in the meantime there is still no free lunch. Even recipients can be fined under the rules

It is not too soon for apartment developers and managers to plan for a day with no parking. Crain’s reports that Manhattan parking garages are taking a heavy hit from ride and car-sharing services. Self-driving cars could dramatically reduce individual car ownership and alternate uses for even existing apartment garage space may need to be found.

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