Paterson’s rent regulation proposal criticized

TRD New York /
May.May 27, 2010 12:15 PM

Stuyvesant Town

Governor David Paterson’s proposal to override the Stuyvesant Town and Peter Cooper Village court decision by allowing units receiving tax abatements to be taken out of rent-stabilization has drawn criticism from tenants, Crain’s reported. Under the proposal, landlords affected by the court decision — which said that rents were illegally raised while the buildings received J-51 subsidies — would be able to pay the tenants back without facing any penalties. Steven Spinola, president of the Real Estate Board of New York, praised the proposal to supersede the state appeals court’s decision, saying it would give landlords the peace of mind needed to make investments in their units. But landlords found fault with another part of Paterson’s plan, which would raise the vacancy decontrol and high rent threshold to $3,000 a month, and which tenants also frowned upon. The proposal is part of a series of amendments that would extend state rent laws, which are due to expire in 2011, for eight years.[Crain’s] 

 

Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

A rent-stabilized portfolio in Rego Park, Queens, that sold at a 38 percent discount in November

Managing the rent law aftershocks

The total dollar value of deals in 2019 dropped 40 percent from the year before to $6.91 billion (Credit: Unsplash)

Multifamily market had its worst year since 2011

Brooklyn State Senator Julia Salazar (Credit: iStock, Getty Images)

Support growing in state legislature for “good cause” eviction

From left: Bruce Molser, David Schechtman, Bob Knakal, David Greenbaum, and Judi Pulice

New York’s real estate bigwigs offer predictions for 2020

Investment sale dollar volume in Brooklyn fell 30% in 2019, the biggest drop since the financial crisis. (Credit: iStock)

Brooklyn i-sales see biggest drop since financial crisis

arrow_forward_ios
Loading...