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In May, a judge ruled that online short-term apartment rental practices violate city codes and state law. Still, industry leaders estimate 3,000 New Yorkers rent out their apartments to visitors, making an expected $1 billion in profits this year.
New York’s Building Resiliency Task Force, the expert panel that convened after Hurricane Sandy to outline steps to fortify New York’s buildings and strengthen building standards, recently released a report that includes 33 recommendations. They address resiliency in a wide range of buildings and offer options to help existing buildings become more resilient and strengthen the Building Code and Zoning Resolution to ensure future construction meets the highest level of resilience.
New York City’s plan to let private developers build on public housing land is drawing increasing resistance from politicians, residents, and housing advocates, who say the idea should be abandoned. In the beginning of the year, the New York City Housing Authority (NYCHA) commenced a multi-year effort to engage residents, elected officials, and other community leaders in the development process of its land lease initiative.
If you own a building with rent-controlled units, remember to submit the forms that need to be filed for the upcoming 2014-2015 maximum base rent (MBR) cycle. The forms include the Violation Certification and the Operation and Maintenance and Essential Service Certification.
On April 30, the Rent Guidelines Board (RGB) voted on preliminary numbers for increasing rent-stabilized rents. The board voted for rent hikes of between 3.25 and 6.25 percent on one-year renewal leases and increases of between 5.0 percent and 9.75 percent for two-year renewal leases.
On May 10, the New York City Water Board approved a 5.6 percent increase in water rates for the new fiscal year, which begins on July 1. This is the same rate that it had proposed earlier, in addition to raising fees for certain services.
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’s mortgage, and Maryland-based CWCapital represents them.
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 licensed to recycle it.
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.
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