Dear Clients, The New York City Council, in conjunction with the New York City Department of Finance, recently passed the Fines and Interest Reduction Enabling Recovery (FAIRER) Program, which allows you to pay a reduced amount to resolve eligible Environmental...
Industry Updates
Extension of Commercial and Residential Eviction Moratoriums Through January 15, 2022
On September 2, 2021, Governor Kathy Hochul signed into law an extension of the commercial and residential eviction moratoriums through January 15, 2022 (the “Moratorium Extension”). Crucially, as a result of the recent ruling by the United States Supreme Court, the...
United States Supreme Court issues injunction against enforcement of New York’s Residential Eviction Moratorium
Following up on our August 3 client alert: On August 12, 2021 the United States Supreme Court delivered New York landlords a major victory by issuing a temporary injunction barring enforcement of Part A of the COVID-19 Emergency Eviction and Foreclosure Prevention Act...
CDC extends federal eviction moratorium through October 3, 2021
The Centers for Disease Control and Prevention (“CDC”) has extended the federal eviction moratorium through October 3, 2021 in U.S. counties experiencing “substantial” and “high” levels of community transmission of COVID-19. While New York City is included under the...
Good Cause Eviction (“GCE”) on the horizon?
One of the many clouds that has been hanging over New York real estate is the prospect of “Good Cause Eviction” (“GCE”) becoming law statewide. While GCE stalled in the New York State Legislature’s most recent session, its fervent supporters are continuing to advance...
Emergency Application at United States Supreme Court to Enjoin New York’s Residential Eviction Moratorium
Since the beginning of the COVID-19 pandemic in March 2020, New York owners have been stymied and frustrated by the various eviction moratoriums that have been instituted -- first by Executive Order of the Governor, and later by legislation. The current legislative...
NYC Property Tax Rates for 2021 – 2022
The New York City budget passed last week and the City Council set the fiscal year 2022 (7/1/2021 – 6/30/2022) property tax rates as follows: The tax class 4 (commercial) tax rate is the highest in 15 years. The tax class 2 (apartment buildings) tax rate is the lowest...
“Housing our Neighbors with Dignity Act” aka “HONDA”
The NYS Legislature has just passed, and Governor Cuomo is expected to sign into law, the “Housing our Neighbors with Dignity Act” or “HONDA” which enables an existing State public benefit corporation, the NYS Housing Trust Fund Corporation (“NYS HTFC”) to finance and...
COVID-Related Legislative Update
Eviction Moratorium Extension On May 4, 2021, Governor Cuomo signed a bill extending the eviction moratoriums set forth in the COVID-19 Emergency Protect Our Small Businesses Act of 2021 (the “Commercial Moratorium”) and the COVID-19 Emergency Eviction and Foreclosure...
New York State Decouples On Opportunity Zones
Warning All New York State Opportunity Zone Taxpayers: The 2021 New York State budget decouples (diverts from the Federal Tax Code) from the tax treatment of realized capital gains used under the Opportunity Zone program starting January 1, 2021. This will prevent New...