Councilmember Ben Kallos. Image credit: William Alatriste/NYC Council

Bill would require all landlords of affordable apartments to publicly list their properties through the portal.  At the City Council stated meeting on Monday, December 7, 2015 Council Member Ben Kallos introduced Intro 1015, a proposed law that would require property owners that receive tax credits in exchange for building affordable housing units to publicly list those units in an online portal.  The bill is co-sponsored by Council Members Jumaane Williams and Rosie Mendez and Manhattan Borough President Gale Brewer.

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Image credit: Jeff Hopkins/CityLaw

Rent regulation is not a new issue for New York City. But the headlines in June 2015 were far larger and the reactions more contentious than at any time in recent memory. For the first time in its 46-year history, the Rent Guidelines Board decided that there would be no increase in rents for one-year renewals on rent-stabilized apartments; it also limited increases on two year renewals to two-percent. Not surprisingly, tenants hailed the decision and landlords decried it.

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The New York State Capitol building in Albany. Image credit: Matt H. Wade

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 calling for reform of rent-increase policies of regulated apartments, a total repeal of vacancy decontrol, and more.

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New York Attorney General Eric Schneiderman speaking at New York Law School, March 18, 2014. Image credit: New York Law School

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 investigation found the building was operated as an extended-stay hotel, which is not permitted under 421-a rules. Under the terms of the settlement, the LP must pay New York City $4,446,153 in unpaid property taxes, pay New York State $275,000 to cover the costs of the investigation, and the LP must convert the building’s 110 units into rent-stabilized housing.

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Council member Jumaane D. Williams chairs the oversight hearing on 421-a tax exemptions. Image credit: William Alatriste/New York City Council

HPD Commissioner Been, others testify on effectiveness of the program.  On January 29, 2015 the City Council Committee on Housing and Buildings held an oversight hearing on the 421-a tax benefit program. The program, established in 1971 by the New York State Legislature, was designed to spur residential development of underused land by granting a property tax reduction to developers for a period of ten to twenty-five years, with an objective of increasing affordable housing access for low-income residents.  The program was most recently renewed by the Legislature in 2011, with a pending expiration date of June 15, 2015, and a cost of $1.1 billion in foregone tax revenue in fiscal year 2013.

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