The City Council today passed a resolution in support of New
York State Attorney General Eric Schneiderman’s investigation into
the mortgage packaging practices of several banks and it calls upon
a taskforce of 50 state attorneys general to preserve his investigatory
and prosecutorial powers, according to New York’s Martin Act, in any
settlement with major financial institutions.

At the end of last month, Schneiderman was removed by Iowa State Attorney General Tom Miller as a leader of a panel
negotiating a settlement with U.S. mortgage servicers after he was
accused of trying to undermine the work of the group. — Miranda Neubauer… [more]

City Council member Robert Jackson is racing against the clock to push through his proposed Small Business Survival Act, a piece of legislation that would help regulate rents on commercial real estate. With the council term ending in a month, the bill could expire before it gets to a vote. But while 30 out of 51 members of the council have voiced their official support for the legislation, it still faces opposition, the Observer reported. Council Speaker Christine Quinn alleges that the council doesn’t “have the legal authority to implement” the law and that they can’t, therefore, venture to approve it. The bill has dubbed by some as a commercial rent regulation bill — although its scope is less broad than traditional rent regulation legislation — because it relies on outside-market figures to determine fair lease rates. If passed, the law would require commercial tenants and landlords to bring in arbitrators when the two parties can’t agree on the prices and terms of a new lease.

Dozens
of small business owners, unions, arts groups, not-for-profits and
tenant groups called for the passage of the Small Business Survival Act
at the City
Council’s small business committee hearing today, complaining about
rent hikes. The Small Business Survival Act, which was introduced in
2008, would grant small businesses the right to renew leases on terms
negotiated by both the business and landlord. If the parties fail
to reach an agreement on their own, either the small business owner or
landlord may request a mediator to produce an agreement, or an
arbitrator if a mediator can not settle the matter. City Council member
Robert Jackson, lead sponsor of the bill, said, “The crisis of
skyrocketing rents hitting our small businesses is undermining our
communities. Longstanding neighborhood ‘mom and pops’ are being
replaced by national chains and bank branches who can afford outrageous
rent increases.” TRD… [more]