Governor Hochul has issued draft legislation for a new property tax exemption program called “Affordable Neighborhoods for New Yorkers” or “ANNY” which is intended to replace the expiring 421-a program. ANNY contains several key differences from the current 421-a...
Industry Updates
R&E Webinar on January 13: NYC property tax reform recommendations
COMPLEX. INEQUITABLE. OPAQUE. CONVOLUTED. ARCANE. “While New York City boasts innumerable characteristics of a vibrant metropolis, a fair, simple, and transparent property tax system is not among them.” The NYC Advisory Commission on Property Tax Reform...
Gov. Hochul Announces Criteria for Replacement 421-a Program
Governor Hochul’s 2022 State of the State Briefing Book includes a proposal to replace the 421-a tax incentive aka Affordable New York Housing Program (“421-a”) with the following changes: • Strengthen affordability to service lower income households than 421-a. •...
NYS HCR Issues 2022 High Rent Deregulation Threshold: $2,858.63
NYS HCR has confirmed the 2022 high rent deregulation threshold is $2,858.63. Despite HSTPA repealing high rent deregulation in most cases, it is still available for “market units” in buildings receiving benefits under RPTL 421-a(16) aka the “Affordable New York...
Two important decisions concerning temporary concessions and their effect on rent stabilized rents
On December 28, 2021, the Appellate Division, First Department issued two decisions concerning temporary concessions and their effect on rent stabilized rents: Flynn, et al., v. Red Apple 670 Pacific St., LLC and Chernett, et al., v. Spruce 1209, LLC. R&E...
Good Cause Eviction on the New York State Legislative Calendar in Early 2022
As we turn the calendar to 2022, two issues currently dominating the attention of the New York real estate industry are the fate of the eviction moratorium (currently set to expire on January 15, 2022) and the possible statewide enactment of Good Cause Eviction (GCE)....
FAIRER Amnesty Program Extension
Dear Clients, The New York City Department of Finance has extended the FAIRER Amnesty Program until March 20, 2022. As previously advised, if you have unpaid ECB judgments that are eligible under the Program, you may be able to save up to 75% of the current fine...
City Planning Commission approves plan to rezone SoHo and NoHo
Dear Clients, On October 20, 2021, the City Planning Commission (CPC) unanimously approved a plan to rezone SoHo and NoHo. CPC anticipates the plan could create around 3,500 new homes, including 900 permanently affordable ones, by allowing housing in certain areas...
NYC Developer Alert: 421-a & MIH Proposed Rule Amendments; Transit Improvement Bonus
Dear Clients, NYC developers should be aware of recent proposed rule amendments and a NYC zoning amendment which may affect their residential projects: • 421-a(16) Rule Amendment: NYC’s Department of Housing Preservation & Development (HPD) has proposed amendments...
Office of Temporary and Disability Assistance Launches Landlord Rental Assistance Program
Dear Clients, Governor Kathy Hochul has announced that $125 million in state funding is now available to help landlords who are unable to participate in the New York State Emergency Rental Assistance Program (ERAP) because the federal requirement for tenants to...