Governor Andrew Cuomo announced today that so-called “double-dippers”—New York residents enjoying both rent-regulated apartments and School Tax Relief (STAR) rebates—will soon be made to pay. More taxes, that is. STAR, which has been around since 1997, and which benefits roughly three million people statewide, grants tax relief—an average of $700 a year—on primary residences that fall within school districts. Homeowners earning less than $500,000 annually and senior homeowners taking in less than $81,900 are eligible for STAR benefits. But a recent analysis of the STAR registration system found that at least 156 recipients also occupy rent-regulated apartments, which makes rather suspect their collecting tax breaks on properties legally required to be primary residences. Read More
Public Advocate and mayoral candidate Bill de Blasio is not happy that the Rent Guidelines Board, which decides rules on allowable rent hikes for stabilized apartments each year, has, citing poor attendance, stopped holding meetings outside of Manhattan.
“This arrangement all but assures the working people most affected by the board’s decision will be unable to participate, and their voices will have no bearing on the final rent increase decision,” Mr. de Blasio told The New York Times last week. “This is not a mere inconvenience—it is a downright failure of the democratic process.”
Mr. de Blasio’s complaint taps into two very powerful forces in New York City politics—outer borough resentment at being left out of Manhattan-centric decision making, and the pervasive feeling that the rent is too damn high. But is it justified? Read More
You can now rent the penthouse of the Bernard Tschumi-designed Blue Building for a mere $14,000 a month. Which is maybe, sort of, a good deal for a prime pad in a starchitect-designed building?
Well, at least it’s cheaper than the $40,000 to $60,000 per month that penthouse dwellers are being asked to pay in New York by Gehry. Read More
Last night, The Observer happened to be strolling around the East Village. From the free-range organic leather goods to trendy speakeasy boites, the East Village retail has visibly gentrified. But what about the residential side? With more tenements than townhouses, the East Village may never draw the moneyed marked enjoyed by the Read More
The rental market is up and the rental market is down, according to the newly released Manhattan Rental Market Report.
Although the report, released monthly, shows that rents were up by 1.82 percent overall from May to June, a closer look reveals that rents are rising in some areas and falling in others. Also, the survey doesn’t include every apartment on the market—understandable, given how freaky Manhattan housing arrangements can get—but instead gives just a rough idea of pricing trends.
For example, rents are up for non-doorman studios on the Upper West Side but down for non-doorman one-bedrooms. Many neighborhoods are listed under both the “where prices decreased” and “where prices increased” categories with prices varying depending on the type of apartment, making it a little difficult to ID a trend for one neighborhood across-the-board. Read More
Now that Governor Cuomo is throwing his weight behind strengthening rent regulation in the state–after a seeming term of ambivalence–the Rent Stabilization Association is out with a new batch of ads explaining how rent regs, at least under the current legislation, only benefit wealthy Manhattanites. Azi over at our sister site PolitickerNY Read More
In a move sure to give landlords and brokers serious agita, Governor Cuomo has come out in favor of strengthening existing rent regulations for New York City’s approximately 1 million stabilized apartments. David Freedlander over at PolitickerNY has all the initial details:
Leaning on his time as HUD secretary during the Clinton administration, Cuomo called affordable housing Read More
The pro-rent regulation folks are upset.
Last night, Tenants PAC, a group devoted to expanding rent regulations in New York, sent out a press release announcing that it was rescinding endorsements for three Senate Democrats from outside the city: David Valesky, Brian Foley, and Darrel Aubertine. The group had pushed to get all three elected over Read More
New York’s rent regulations, set to expire June 2011, would be extended in their current form by seven years in a bill introduced Thursday in the State Assembly.