Updates provided by Austin Manna, Law Clerk
Long-Awaited Report Seeks To Remedy NYC’s Unequal Property Tax Burden – Gothamist, 1/31/2020
- One proposal to tax most residential properties at their full market value (instead of purchase price), so homeowners in more affluent neighborhoods can’t pay disproportionately low property taxes anymore
- The cap placed on rising property values would be scrapped
- One proposal would create a “circuit breaker” that would ensure that individuals pay no more than a certain % of their income.
- One proposal seeks to do away with a 40-year practice of valuing co-ops and condos as if they were rental propertiesindustry news week of 2.7.20
- Seeking a 2021 implementation goal (if passed)
Buyers Return After Rent-Control Slams New York Apartment Values – Wall Street Journal, 2/4/2020
- Big RE companies are buying rent-regulated apartment buildings
- NYC landlords thought the new state law (which makes it much harder for landlords to upgrade and convert rent-stabilized units to more profitable market-rate apartments) would reduce interest in these properties – values fell by 25%
- Now cheap buildings are luring investors who want to profit with cheap mortgages and stable cash flow
New York City Wants More Basement Apartments to Tackle Housing Crunch – Wall Street Journal, 2/6/2020
- NYC to change zoning rules to ease the process of converting basements, garages and backyard sheds into apartments, creates more affordable housing
- Announced an initiative to legalize basement apartments, pledging $150MM in loans to help homeowners bring units up to code
- Expects ≥ 10k affordable units in next decade under changes
- Project expected to take 2 years
