Council aims for more control of rents

New York /
Apr.April 28, 2008 08:40 AM

The City Council could gain more control of rent-regulated apartments if new legislation becomes law. The bill would give the Council the power to approve members of the Rent Guidelines Board, which controls rent increases for rent-stabilized apartments. Council Member Letitia James plans to file a resolution asking the
state Legislature to pass the bill, which state Senator Thomas Duane
and Assemblyman George Latimer plan to submit in Albany. The bill would also change the way rents are increased. Instead of basing increases on landlords’ operating costs, they would be based on landlords’ net incomes. Also, tenants would no longer have to renew leases, but would instead be allowed to remain in their homes as long as they pay the rent.

The president of the Rent Stabilization Association, Frank Ricci, said he opposes the bill because it “ignores the reality of rising taxes, rising fuel prices, and rising water rates, to make this a more political process than it already is.”  


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Charlie Kushner and Laurent Morali with Commons at White Marsh Apartments in Maryland (Photos via Sasha Maslov and CommonsatWhiteMarsh)

Kushner looks to unload multifamily properties for $800M

Kushner looks to unload multifamily properties for $800M
Having learned from missed opportunities a decade ago, family offices are strategically looking for distress opportunities in real estate (iStock)

Family offices gearing up to pounce on distressed real estate

Family offices gearing up to pounce on distressed real estate
A challenge of biblical proportions: Developers brace for disaster

A challenge of biblical proportions: Developers brace for disaster

A challenge of biblical proportions: Developers brace for disaster
(iStock)

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains

Manhattan market’s “steady upward slog” persists as suburbs and Brooklyn see gains
Nile Niami and "The One" mansion (Getty)

Country’s most outrageous spec home to hit market

Country’s most outrageous spec home to hit market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...