New Loft Law Passed

bushwick-loft.jpgOn Monday night, a new law was signed by Governor Paterson that gives permanent protection to loft dwellers in New York City. Though last-minute wrangling by lawmakers ended up excluding 13 of the city 16 industrial business zones (including Red Hook and Sunset Park) from the legislation, tenants in Greenpoint and Williamsburg are protected by the new measure. Mayor Bloomberg and several business groups had argued that the new law would hurt manufacturing in the city. The blog Bushwick BK points out that the laws impacts around 3,600 units in approximately 300 buildings; tenants, who will have to be able to prove they’ve already lived there for 12 months to qualify, will be afforded the benefits of rent stabilization. Landlords will have to cough up the dough to bring all of the residential lofts up to code.
New Law Expands Rights of Some Loft Residents [NY Times]
Late-Night Law Reshapes NYC’s Loft Landscape [Crain's]
Patterson Signs Amended Loft Law… What Next? [Bushwick BK]
Photo by l_c_m_tt

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