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Last October, New York landlord Steven Croman was sent to jail for a year and fined $5 million after being found criminally liable for fraud and tax evasion. New York Attorney General Barbara Underwood recently announced that Croman’s former tenants could be in for a share of an $8 million restitution fund. The restitution fund comes from a separate civil action brought by the Attorney General against Croman and his agent Anthony Falconite for engaging in illegal, fraudulent, and deceptive conduct in connection with Croman’s real estate business.
Fact Sheets describe the major elements of rent control and rent stabilization in New York City. The DHCR recently updated Fact Sheet #9, which covers security deposits and other charges, and Fact Sheet #11, which covers demolition.
The update to Fact Sheet #9 says the security deposit amount for a rent-regulated apartment is generally limited by law to one month’s rent. The DHCR added language stating that it is unlawful for the owner to ask for an additional amount of money from the tenant, guarantor, or third party.
The City Council recently overwhelmingly approved a plan to rezone a large swath of Inwood. The proposal is part of Mayor Bill de Blasio’s plan to rezone up to 15 neighborhoods across the city and create and preserve 300,000 units of low-income housing by 2026. Inwood became the fifth neighborhood to be rezoned under the plan.
The New York City Council recently passed a bill that requires Airbnb and other home-sharing sites to provide the names and addresses of its hosts to the city. Under state law, it’s illegal to rent out an apartment for less than 30 days unless the permanent tenant is there. If the host is found to be violating short-term rental laws, Airbnb could be fined up to $1,500. The bill, which was introduced by Councilmember Carlina Rivera (D-Dist. 2) as Int 0981-2018 and passed 45-0, will almost certainly be signed into law by Mayor Bill de Blasio.
City Comptroller Scott Stringer recently issued a report looking at the role security deposits play in the city’s housing market and outlines proposed statewide legislation that would help renters have access to apartments. According to the report, with minimal savings and rising rents among potential renters, the upfront costs of a security deposit, along with fees for credit reports and background checks, can make moving to or within New York City a challenge, particularly for low-income renters and renters of color.
Mayor de Blasio recently touted a new housing record. He said the city financed more than 32,000 low-income homes this past year, and nearly 110,000 since taking office. Of those, about 30 percent are new construction, while the rest have been preserved through subsidy. The mayor said the city is on track to meet his target of 300,000 units by 2026.
Mayor de Blasio and Council Speaker Johnson recently announced the formation of a new advisory commission to develop recommendations to reform NYC’s property tax system with the goal of making it simpler, clearer, and fairer, while ensuring that there is no reduction in revenue used to fund essential city services. The commission will solicit input from the public by holding at least 10 public hearings.
The last in-depth review of the system by a government-appointed commission was in 1993.
An audit by state comptroller Thomas DiNapoli found that annual elevator inspections by outside contracted companies need stronger oversight. The audit looked at work done by certified elevator inspectors who worked for companies contracted by the DOB. While the DOB has 48 staff inspectors (as of July 2017), it regularly uses private companies to perform the annual inspections required of the city’s 71,000 elevators. Auditors and DOB inspectors accompanied the non-DOB inspectors as they examined 12 elevators in nine buildings in the five boroughs.
The Rent Guidelines Board recently issued a report highlighting additions and subtractions of dwelling units to and from the rent stabilization system in 2017. These statistics are gathered from various city and state agencies. This report is an update of previous studies done annually since 2003, when an analysis was done of the changes in New York City’s rent-stabilized housing stock from 1994 to 2002.
New York City Comptroller Scott Stringer recently issued a report detailing Airbnb’s effect on housing affordability from 2009 to 2016. The report says that when people put up their apartments for short-term stays, they are basically removing them from the rental market, lowering the housing supply and increasing the price of units that are still available. Among the Comptroller’s findings:
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