Basements could be big money-makers for NYC landlords

The measure is part of a pilot program in East New York

TRD New York /
Nov.November 08, 2018 08:30 AM

Apartments in East New York and Mayor Bill de Blasio (Credit: Getty Images)

A City Council bill may legalize some basement apartments in East New York.

The move is an attempt to create more affordable housing in existing buildings, Crain’s New York reported. A hearing on the legislation, which has been in the works since the area was rezoned, is set for Tuesday.

Although basement apartments are common in the city, most don’t meet fire and building codes, the report said. The new measure, which is part of a pilot program, would make changes to the codes. The changes may entail things like installing sprinkler systems.

“An estimated 100,000 families live in basements, and we don’t have a public policy for addressing it,” Councilmember Brad Lander, the legislation’s lead sponsor, told Crain’s. “It’s like a ‘Don’t ask, don’t tell’ problem.”

The city also plans to give subsidies, like tax breaks, to help landlords with the costs. To be eligible, a unit must have more than half its floor-to-ceiling height above ground.

The de Blasio administration pledged $5.7 million toward the program, with the goal of bringing 5,000 apartments up to code. That would be $1,140 per dwelling. [Crain’s] — Meenal Vamburkar


Related Articles

arrow_forward_ios
From left: Jed Wilder, Bess Freedman, Richard Grossman, Josh Sarnell and Adam Mahfouda (Credit: Emily Assiran) 

Agents to StreetEasy: The fee is too damn high

REBNY president Jim Whelan (right) and Council member Robert Cornegy (Credit: Getty Images and iStock)

REBNY asks city to help landlords pay for lead abatement

40 East 72nd Street (Credit: Google Maps)

Nightmare on E. 72nd Street raises question: Are small condos risky?

Jed Garfield of Leslie J. Garfield; Richard Grossman, president of Halstead Real Estate; Sarah Saltzberg, principal broker and CEO of Bohemia Realty Group; Douglas Elliman’s Howard Lorber

NYC brokers slam bias, promise action after Newsday exposé

The bombshell probe also found that minorities had to meet more stringent financial qualifications than white buyers. (Credit: iStock)

LI agents routinely discriminate against minority buyers, undercover probe finds

Zillow CEO Rich Barton (Credit: iStock)

Zillow and Opendoor aren’t making much on home-flipping

This week, the State Department of Taxation and Finance issued a new memo that notably made no mention of condos. (Credit: iStock)

Regulators quietly change stance on condos in LLC law

Realogy CEO Ryan Schneider (Credit: iStock)

Realogy’s plan to stop the iBuyers from gaining a foothold in Chicago

arrow_forward_ios