In a debate full of verbal flubs, Biden’s mention of a rent cap largely went unnoticed.
Some who did take note (myself included) thought it was a reference to a previously announced 10 percent rent cap on projects financed with Low Income Housing Tax Credits.
But during a press conference last week, he mentioned a 5 percent cap.
On Monday, just enough information about the proposal was released to cause people to freak out on social media, but not quite enough to make sense of what these regulations would actually look like.
Per the Washington Post: The rent cap would be temporary (lasting only two years) and would apply to landlords who own more than 50 units. It is also not an outright cap: Such landlords who exceed the 5 percent increase would lose out on an unspecified tax benefit. (I saw numerous suggestions on X that the break was depreciation-related).
The cap would not apply to new construction. That is a fairly common carveout among rent control policies throughout the U.S. California voters will decide in November whether to allow localities to regulate rents on apartments in new buildings. New York’s good cause eviction policy exempts buildings constructed in 2009 or later for 30 years.
I don’t have to tell you that rent control is a controversial topic, even among Democrats, and would almost certainly face an uphill battle in Congress. In his 16-page policy agenda, former President Trump mentioned housing changes, but primarily focused on helping homeowners.
What we’re thinking about: It’s still early, but who are you supporting in the 2025 mayoral race? Send a note to kathryn@therealdeal.com.
A thing we’ve learned: A wooden-framed organ has been playing John Cage’s “Organ2/ASLSP (As Slow as Possible)” since 2001. The piece is expected to last 639 years.
Elsewhere in New York…
— New York Attorney General Letitia James and the New York Civil Liberties Union filed lawsuits seeking to block Nassau County’s law banning transgender girls and women from playing sports at county-run facilities, Gothamist reports. “With this law, Nassau County is once again attempting to exclude transgender girls and women from participating in sporting events while claiming to support fairness,” James said in an emailed statement. Republican County Executive Bruce Blakeman said he would vigorously defend the ban.
— The state’s Board of Regents on Monday approved new rules requiring New York schools to notify parents of lockdown drills at least one week in advance, Chalkbeat reports. Public schols conduct at least four drills each year.
— The state is considering limiting students’ cellphone use starting next year, the Times Union reports. “This generation, more than others, is being subjected to distractions that never existed the way they are now,” Gov. Kathy Hochul said.
Closing Time
Residential: The priciest residential sale Monday was $17 million for a 3,873-square-foot condo at 111 West 57th Street in the Plaza District. Janet Wang and Kane Manera of The Corcoran Group had the listing.
Commercial: The largest commercial sale of the day was $35.5 million for a three-family walkup at 66 Morton Street in the West Village.
New to the Market: The highest price for a residential property hitting the market was $49 million for a condominium at 111 West 57th Street in Midtown. The listing is now with Nikki Field and Patricia Parker of Sotheby’s International Realty. — Matthew Elo