Cuomo Calls for Strengthening Rent Reg Laws
Governor Cuomo released the video above yesterday saying that if rent-regulation laws are allowed to expire next month, it would be a “crisis” for the state and that the laws need to be extended and strengthened. Cuomo says that “by current standards, it is estimated that over 130,000 more apartments could be lost to decontrol…
Governor Cuomo released the video above yesterday saying that if rent-regulation laws are allowed to expire next month, it would be a “crisis” for the state and that the laws need to be extended and strengthened. Cuomo says that “by current standards, it is estimated that over 130,000 more apartments could be lost to decontrol in the next few years.” City Room notes that the though the Assembly approved legislation last month that would extend rent regulations through 2016 and shift the luxury decontrol ceiling from $2,000 to $3,000 a month, “the issue has drawn little interest in the Senate.”
Cuomo Releases Message Urging Stronger Rent Laws [City Room]
Jaguar, that building has HUGE 2 bedrooms with balconies. They are around 1,500 square feet. I used to live in that building abour 13-14 years ago. Having said that, 400K for a 2 bedroom there is still nuts. Maybe 270K tops and if the reno is really high end I can see it fetch 300K, not more.
Jaguar;
The 421A tax abatement program was developed in the 1970’s, when the city was on its knees. It was passed with the intention of starting any new construction, as there was precisou little at the time. It was not a Bloomberg program.
Last year the program was amended so that developers do not get tax breaks in almost all of Manhattan and Brownstoner Brooklyn.
Don’t let these facts interfere with your rant, however.
Also, unlike subsidized housing and mortggage deductiblity, tax abatement for development can be stopped instantly.
I think it was 540 Ocean Pkwy.
I agree with you on the tax abatement issues for developers. That said, most of the sites would remain vacant eyesores without them.
But you know who is going to get screwed on that???? The buyers. Once that abatement runs out many of them won’t be able to afford the taxes that these plkaces will pay. they will be astronomical compared to other non abated developments. Buyer beware.
Why aren’t all you free market capitalists complaining about all the subsidies given to developers to build market rate condos all over Brooklyn, most of which are hideous and will forever blight our neighborhoods? Does anybody actually think much affordable housing has come out of this? The Bloomberg administration basically gave the city away to these developers. I guess that’s free market right? Subsidize developers so they will build luxury condos for bankers and corporate lawyers. Makes sense to me. But, yeah, cry me a river about rent regulations, because obviously the free market does such a great job making affordable housing that is actually affordable. Why there should be property tax abatements for apartments that cost over $400k is beyond me but, again, I guess I just don’t understand economics or something.
Jaguar, which building on OP had a 2 bedroom for 400K? I live right where you said you saw it and those sellers are totally delusional. A 2 bed 2 bath brand new construction condo on OP and Newkirk is 450K and there is currently a real 3 bedroom 2 bath apartment in my building asking 415K. The 2 bedrooms in my building that went on sale or recently sold are in the 220-250K range and I am almost on OP and 18th.
Hey asshole….like I said, I’m not talking about the poor who really need it like “people who don’t make at least $50,000.”
So either pay attention to what I’ve written or STFU.
The problem with these apartments being available for life is just that…people have no incentive to better themselves if they’ve got the gov’t tit to suck off of. The mentality is passed down to the children as well.
Yeah, I guess you’re right, old people should just have to move from the homes they have lived in for 50 years since they no longer serve any purpose once they stop working. Those selfish old people ruining it for the rest of us by not dying before they stopped working. Seriously, when are you moving to PA? They can have you.