Items Tagged with 'New York real estate'

ARTICLES

  • New York City proposes sweeping new rules for security deposits

    City comptroller calls for security deposit limit of one month’s rent
    New York City is in the middle of an affordability crisis, and now, the city is proposing sweeping new rules to address one piece of the affordability crunch that often stands in the way of renters finding a quality apartment or moving to a new one – the security deposit. Over the weekend, the city released a new proposal that would put limits on how much landlords can charge renters upfront.
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  • NYCHA needs $31.8 billion to repair its properties...it only has $6.84 billion

    NYCHA in hot water as neglected repairs have put hundreds of children at risk of lead poisoning
    After the results of new inspections came in, the New York City Housing Authority announced that it needs $31.8 billion to fix its decrepit housing stock. According to the Wall Street Journal, this is an increase of nearly $7 billion over previous estimates.
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  • New York man admits to rigging local elections in effort to develop real estate

    Third member of conspiracy to plead guilty
    Last year, two New York real estate developers, Kenneth Nakdimen and Shalom Lamm, pleaded guilty to interfering with a mayoral election in Bloomingburg, New York, including using fake voters, to try to advance stalled construction projects. Now, a third member of the conspiracy has also admitted to taking part in the scheme.
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  • New York moves to outlaw income discrimination in housing

    Gov. Andrew Cuomo introduces bill to prevent discrimination based on income
    While the Republicans leading the Department of Housing and Urban Development are pushing to increase the rents on those who use Section 8 vouchers to afford housing, the Democratic governor of New York is moving to ensure that wanting to use a Section 8 voucher cannot be used as a means to discriminate against a prospective resident.
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  • NYDFS investigating whether rent-to-own is actually predatory lending

    Issues warning on risks of rent-to-own contracts
    The New York Department of Financial Services revealed Monday that it is currently investigating whether alternative home purchase agreements, such as rent-to-own, lease-to-own or land installment contracts, currently being offered in New York are actually “unlicensed, predatory mortgage lending.”
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  • Flat-fee real estate agency Purplebricks secures $177 million investment to fund U.S. growth

    Sells 11.5% of company to European media giant Axel Springer
    Flat-fee real estate agency Purplebricks expanded into the U.S. last year after building a successful business in the United Kingdom and Australia, and after securing a sizable investment from European media giant Axel Springer, Purplebricks’ U.S. expansion is about to shift into overdrive.
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  • Senior execs at Vanguard Funding admit to embezzling $8.9 million

    CFO and COO plead guilty to using warehouse loans for personal expenses
    The former chief operating officer and chief financial officer of a New York mortgage lender admitted in court this week that they conspired to misappropriate more than $8.9 million from warehouse lines of credit that were meant to fund mortgages. Each now faces up to 20 years in prison.
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  • Flat-fee real estate agency Purplebricks plans expansion to New York

    U.K. company first launched in U.S. in September 2017
    Last year, flat-fee real estate agency Purplebricks expanded into the U.S. after building a successful business in the United Kingdom and Australia. Purplebricks’ first foray into the U.S. was Los Angeles. Now, the company is plotting the next phase of its U.S. expansion and is looking to the opposite coast.
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  • Former attorney gets 3+ years in prison for defrauding real estate investors

    Bilked at least four investors out of $1 million total
    A former attorney from New York will spend more than three years in prison for defrauding real estate investors out of at least $1 million. According to the U.S. Attorney’s Office for the Southern District of New York, Brandon Lisi received a sentence of 38 months in prison for his role in a scheme to defraud at least four individual investors in real estate transactions of more than $1 million.
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  • Senior execs at Vanguard Funding accused of embezzling $8.9 million

    Three execs charged with using warehouse loans for personal expenses
    Three senior executives at a New York mortgage lender were arrested Tuesday morning and charged with misappropriating $9 million from warehouse lines of credit meant to be used to fund mortgages. The three men, who are senior executives at Vanguard Funding, stand charged with conspiracy to commit wire and bank fraud for allegedly misusing the warehouse funds to pay for personal expenses and compensation.
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