Two Housing Advocacy Groups Issue Report on Airbnb’s Effect on Residential Rental Rates

The report found that the pervasive use of Airbnb in New York City is likely the indirect causation of incredibly low residential vacancy rates and rising rental rates. In June of 2016, housing advocacy groups Housing Conservation Coordinators and MFY Legal Service jointly issued a study on the impact Airbnb and similar short-term rental-facilitating platforms have on the traditional housing market in New York City. While there are several companies connecting short-term rental apartments with … <Read More>


State Legislature Extends Rent Regulation, 421-a

Deal is retroactive to the programs’ expiration on June 15.  On June 25, 2015 the New York State Legislature passed a bill extending rent-regulation protections for New York City.  The laws had expired on June 15, and the Legislature temporarily extended its session to allow time for working on a longer-term solution.  On March 11, the New York City Council passed an extension of the City’s rent-stabilization laws, as well as a package of resolutions … <Read More>


Deal Near in Albany on Extension of Rent Regulation

Framework of extension deal includes rent regulation, 421-a.  On June 23, 2015 Governor Andrew Cuomo, joined by Assembly Speaker Carl Heastie and Senate Majority Leader John Flanagan, announced the framework of a deal on extending rent-regulation protections for New York City.  The laws expired on June 15, and the Legislature temporarily extended its session until June 23 to allow time for working on a longer-term solution.


Manhattan Developer Pays $4.7 Million in Tax Evasion Settlement

Attorney General Schneiderman found the developer was operating a building as an illegal hotel while receiving a 421-a property tax exemption. On February 26, 2015 New York State Attorney-General Eric Schneiderman announced reaching a settlement with 47 East 34th Street LP over illegally evading New York property taxes. The LP owns an apartment building at 47 East 34th Street in Manhattan which is exempt from property tax under the 421-a program, however the Attorney General’s … <Read More>