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The new tenant protection laws just passed in the State Senate may unleash unintended consequences, Forbes reported. Creating pathways for tenants in burgeoning neighborhoods to retain their homes makes sense, as does protecting those tenants from outsized and often unaffordable rent increases. What doesn't make sense is to extend those protections to tenants in luxury rentals paying market rents, or to disincentivize owners from investing in their buildings.
The new rent bill that was signed into law has already been described as "devastating" and "disastrous" for New York City's real estate industry, The Real Deal reported. But what specifically does it mean for certain multifamily landlords? The new legislation touches on a wide range of rent-related issues, from vacancies and improvements to condo conversions and mobile homes.
The most sweeping changes ever made to New York City's rent regulations have been roundly criticized by a real estate industry that is warning of crumbling housing stock and a worsening affordability crisis, Real Estate Weekly reported. "The harmful impact of this legislation will be profound for New York City's economic future," warned John Banks, president of the Real Estate Board of New York after Governor Andrew Cuomo signed a package of tenant-friendly laws that cut rents and stifle renovation options.
The current Venezuelan consulate on East 51st Street is supposed to be incorporated into Harry Macklowe's proposed Tower Fifth skyscraper, and any sale seems to have escaped complications from US sanctions, The New York Post reported. Looking out, the lobby will frame the side entrance of St. Patrick's Cathedral, which is also selling some air rights. The site now hosts a few of the Midtown buildings that have not been landmarked, including the consulate.
The Federal Reserve indicated a readiness to cut interest rates for the first time in more than a decade to sustain a near-record U.S. economic expansion, citing "uncertainties" in their outlook, Bloomberg reported. While Chairman Jerome Powell and fellow policy makers left their key rate in a range of 2.25% to 2.50%, they dropped a reference in their statement to being "patient" on borrowing costs and forecast a larger miss of their 2% inflation target this year.
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