Paterson OKs new loft tenant protections

Gov. David Paterson

Gov. David Paterson signed into law last night a measure that legalizes the residential use of industrial loft buildings and expands protections for loft tenants, including those in three of the city’s 16 Industrial Business Zones: Greenpoint-Williamsburg, North Brooklyn and Maspeth. According to Crain’s, the Bloomberg administration had fought hard to exclude all of the IBZs from the law, asking Paterson to veto the bill unless all 16 were protected. But in a last-minute deal with Paterson, Bloomberg was only able to spare some. IBZs were created by the Bloomberg administration to aid manufacturers, who were being priced out of their industrial spaces by landlords looking to make larger profits through — sometimes illegal — residential conversions. Sources said the mayor’s office was disappointed with the agreement, though publicly a spokesperson for Bloomberg said the administration is happy with the deal. [Crain’s]

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