Hudson River Park (credit: Hudson River Park)
The Hudson River Park Trust is currently working to push through a bill that would grant it power to issue bonds, the Wall Street Journal reported. The trust and lawmakers in Albany are now going over ways to form the legislation, which the trust wants to have passed before the legislative session ends in June. [more]
New York is cracking down on mortgage fraud and beefing up foreclosure protections for homeowners and renters with a set of newly passed state mortgage laws. A bill passed last month by the State Legislature, now awaiting Governor David Paterson’s expected signature, says renters in foreclosed properties can no longer be evicted before being given 90 days’ notice, or, if it is longer, until the end of their lease. Before the new legislation, renters could be forced out after just 48 hours. And, to fight back against the spate of apartment buildings left in disrepair after foreclosure, lenders will now be responsible for keeping occupied buildings in decent shape. The legislation also expands the state’s loan modification program, which previously included only subprime borrowers, and prevents “distressed property consultants” from accepting the upfront fees that have contributed to scams in the past. [NYDN]
The New York Observer spoke to Joseph Strasburg, president of the Rent Stabilization Association of New York, who advocates for landlords with the city and state legislatures. Strasburg said that if the vacancy decontrol issue had actually been brought before the New York State Senate, there would not have been enough votes to pass. Housing advocates had worried that Republican control of the senate would make it difficult to pass new housing legislation. The legislation may come up again next year, Strasburg said, but he does not expect sweeping changes to be made. The Rent Stabilization Association advocates a slow turnover of stabilized apartments to market-rate, rather than a wholesale switch, Strasburg said. The city’s Rent Guidelines Board approved rent increases in late June. [more]
