Items Tagged with 'New York City'

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  • WSJ: Rent control law sends New York building values tumbling

    "Every spreadsheet in New York just changed," says one broker
    New York’s new rent control law could cause rent-stabilized apartment buildings to drop 20% to 45% in value, brokers and investors said in a Wall Street Journal story on Monday. "Every spreadsheet in New York just changed," said Steven Vegh, a real estate broker who sells buildings to investors.
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  • New York lawmakers stun the real estate industry with rent control redux

    WSJ Editorial Board calls it "a return to the bad old days"
    New York State Senate and Assembly leaders have passed expansive changes to rent control laws that stunned the real estate industry. The state’s governor, Andrew Cuomo, signed the bill on Friday, a day before the existing, more moderate law expired. Legislators won’t have to worry about wrangling over tenant protections every few years, like the old law. The bill makes these changes permanent.
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  • NYT: Rat sightings in New York soar 38% as housing boom destroys their burrows

    "It is the humans who avoid the rats, not the other way around"
    Rat sightings in New York City have jumped 38% as a construction boom that added 36,000 units in 2018 sends the rodents scurrying from their burrows, according to The New York Times. According to reporter Winnie Hu, "Not even cars are safe: Rats have chewed clean through engine wires."
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  • New York City escalates fight against Airbnb, demands listing information

    Issues subpoena for approximately 20,000 apartment listings
    New York City is upping the ante in its fight against Airbnb, as the two sides battle it out in court and in the court of public opinion. On Monday, New York City Mayor Bill de Blasio announced that the city is issuing a subpoena to Airbnb, demanding that the short-term rental site turn over the listing data that’s at the center of a legal battle between the two sides.
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  • Federal authorities order sweeping overhaul of failing New York public housing

    NYCHA required to "fundamentally reform" its operations
    Federal authorities this week took a major step toward reforming and rehabilitating New York City's unsafe, unsanitary, and in some cases, illegal public housing. HUD, the Manhattan U.S. Attorney, and the EPA are taking more control of the NYCHA in an effort to remedy numerous problems, including lead paint, mold, pest infestations, broken heaters in the winter, and non-functioning elevators in New York's public housing.
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  • New York landlord accused of running sham co-ops, overcharging renters for decades

    Units will be turned into rent-stabilized apartments
    Two New York City co-op corporations overcharged renters for decades by operating apartment buildings as for-profit rental buildings instead of as co-ops. According to the New York Attorney General, the buildings rented out the apartments at market rate, thereby denying residents the homeownership opportunities that come with a co-op and overcharging them for their apartments.
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  • New York claims real estate brokers made $21 million through illegal Airbnb rentals

    Sues Metropolitan Property Group for allegedly violating short-term rental laws
    A group of New York City real estate brokers made $21 million through a series of illegal Airbnb short-term rentals in flagrant violation of the city’s short-term rental laws, the city claims in a new lawsuit. According to the city, Metropolitan Property Group, its owners, and others were repeatedly warned to stop violating the city’s short-term rental laws, but chose to continue to do so, earning more than $21 million in illegal revenue from Airbnb.
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  • Judge sides with Airbnb, HomeAway; blocks NYC law requiring sites to disclose user data

    Law will not take effect during court battle
    A federal judge on Thursday sided with Airbnb and HomeAway and blocked a New York City law that requires the short-term rental platforms to disclose a significant amount of user data. The preliminary ruling comes in a lawsuit filed against New York City by Airbnb over a new law that requires short-term rental sites to reveal hosts’ data.
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