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The Rent Guidelines Board (RGB) is mandated by law to establish yearly rent adjustments for rent-stabilized apartments in New York City. The board holds an annual series of public meetings and hearings to consider research from staff, and testimony from owners, tenants, advocacy groups, and industry experts.
CWCapital Management, the company that controls the Stuyvesant Town and Peter Cooper Village, is reportedly planning to boost operating income at the complex before putting it up for sale. CWCapital has been in control of the complex on Manhattan’s East Side since early 2010, when prior owner Tishman Speyer Properties LP and its partners surrendered the property to creditors. The complex’s primary creditors are investors in bonds backed by the building&rsquo...
State and federal authorities are investigating whether several New York heating oil businesses cheated tens of thousands of customers for years, selling fuel diluted with recycled or waste oil, according to law enforcement and city officials. As part of the criminal investigation, the authorities on March 12 raided at least five heating oil businesses in and around the city, including a delivery company and several businesses that deal in waste oil and some that are li...
Unlike previous years, starting in 2013, the annual property registration cycle will be the same for all properties that are required to register. All properties will be required to be registered annually by Sept 1.
On Feb. 27, 2013, Final Rules were published for Local Law 45 of 2012, which Mayor Bloomberg signed into law on Oct. 2, 2012. Local Law 45 emerged from the findings of a growing trend among New Yorkers to market rooms within residential apartment buildings for short-term use.
On Jan. 15, the city’s Department of Finance (DOF) released the tentative property assessment roll for fiscal year 2014, the tax year beginning July 1, 2013. According to the publication, the total market value of Class 2 properties, which consist primarily of cooperatives, condominiums, and rental apartment buildings, rose $9.4 billion, or 4.8 percent, to $204.6 billion citywide. Seventy-one percent of this increase, or $6.7 billion, is due to market forces, with...
On Feb. 11, City Council Speaker Christine Quinn gave her final state of the city speech and, in doing so, laid out a proposal she says will make housing more affordable for New Yorkers. During her speech, she also unveiled a new study about the city’s shrinking middle class, showing that the average middle-class income has declined steadily since 2001, while costs of living have surged.
A bill that gets tougher on owners who make cosmetic repairs to buildings but fail to address underlying structural problems was recently passed by the city council. The bill passed unanimously and now goes to the mayor’s desk for his signature. If it becomes law, there will be a rulemaking process to define the policy.
On Nov. 30, Mayor Bloomberg and Department of Environmental Protection (DEP) Commissioner Carter H. Strickland Jr. announced that the city would temporarily suspend water bills for properties that were severely damaged by Hurricane Sandy.
Mayor Bloomberg, the city’s Department of Housing Preservation and Development (HPD), Community Preservation Corporation (CPC), and Housing Development Corporation (HDC), together with Citi Community Capital, recently launched the Storm Recovery Loan Fund, a pilot program to provide up to $40 million in low-cost loans to fund the repair of multifamily buildings damaged by Hurricane Sandy.
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