Landlord repair bill expected to clear City Council

New York /
Jan.January 09, 2013 12:00 PM

A bill that takes aim at city landlords who make surface cosmetic repairs to their properties but do not address underlying structural issues is expected to get approval from the City Council today, the Wall Street Journal reported. This bill, according to experts and city elected officials, addresses an increasing problem of investors who acquire older properties to flip them for profit without making needed repairs, such as finding the source of a leak rather than just plastering over a water-logged wall.

If approved today, the measure will give the city Department of Housing Preservation and Development authority to order landlords to repair issues that cause problems in multiple apartments within a single building. The goal would be to issue orders for 50 buildings annually.

“We’re seeing real-estate speculators … buying buildings, with no sense that they’re going to make repairs, but they’re going to wait for the market to come back so they can flip them,” City Council Speaker Christine Quinn told the Journal.

Frank Ricci, the director of government affairs for the Rent Stabilization Association, which primarily represents landlords of rent-stabilized properties, told the Journal that the organization supports the bill, but worries about its practice. “We have a wait-and-see attitude,” he told the Journal. “We want to see how it’s implemented.” [WSJ]Zachary Kussin


Related Articles

arrow_forward_ios
Council member Ben Kallos and Airbnb CEO Brian Chesky (Getty, iStock)
City Council bill would tighten screws on Airbnb
City Council bill would tighten screws on Airbnb
Manhattan Borough President Gale Brewer and Helen Rosenthal (Getty, iStock)
New bill would mandate retail lease renewals in NYC
New bill would mandate retail lease renewals in NYC
District 7 Council member Mark Levine (Getty, Facebook via Mark Levine)
NYC Council passes Tenant Data Privacy Act
NYC Council passes Tenant Data Privacy Act
Building Trades Employers’ Association CEO Lou Colletti and City Planning Commissioner Chair Marisa Lago (iStock)
City bill would force general contractors to get licensed
City bill would force general contractors to get licensed
City Council member Justin Brannan (Getty, Justin Brannan via Facebook)
Council member wants to take up office-to-resi conversions debate
Council member wants to take up office-to-resi conversions debate
Costa Constantinides and Corey Johnson (Getty, iStock)
City Council expands retrofit financing program
City Council expands retrofit financing program
(Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Tenant activist nixed from City Planning Commission
Tenant activist nixed from City Planning Commission
Corey Johnson (Getty, iStock)
When NIMBYs attack: Why CoJo’s master plan won’t fly
When NIMBYs attack: Why CoJo’s master plan won’t fly
arrow_forward_ios

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

Loading...