Tag

Landlords

All articles tagged with #landlords

politics15 days ago•6 min saved

Mamdani’s NYC rent freeze sparks lawsuits and landlord pushback

NYC Mayor Zohran Mamdani’s rent freeze, approved by the Rent Guidelines Board, is already facing legal threats from landlords who say it ignores rising operating costs and violates due process, potentially triggering lawsuits that could upend who bears the cost. Critics call the move a political sham, while supporters say it protects tenants; the policy covers about 1 million stabilized units for leases starting Oct. 2026 through Sept. 2027, with a future vote on continuation into 2028. If lawsuits succeed, landlords warn they may sell properties or defer maintenance, harming tenants.

via New York Post|

#landlords #mamdani #new-york-city

local17 days ago•3 min saved

NYC Rent Board Resignation Casts Shadow Over Rent Freeze Vote

A pro‑landlord member of New York City’s Rent Guidelines Board resigns in protest ahead of a vote that is expected to approve a rent freeze under Mayor Zohran Mamdani. Christina Smyth says the board ignored rising landlord costs and crossed a “legal line,” though the move is unlikely to derail the vote since a five‑member quorum is all that’s required and Mamdani has appointed six of the nine members. The board’s composition includes tenants, landlords and housing experts, with recent changes leaving one seat open and two former Adams appointees remaining.

via Gothamist|

#landlords #local #nyc

politics17 days ago•11 min saved

NYC Rent Guidelines Board Member Resigns, Blasts Preordained Freeze Tied to Mamdani

Christina Smyth, a landlord representative on NYC’s Rent Guidelines Board, quit just before a vote on Mayor Mamdani’s four-year rent-freeze for stabilized apartments, saying the board has become a theater and is pursuing a preordained outcome rather than fact-finding. Mamdani had pitched the freeze; Smyth argued that rising operating costs justify increases and noted landlord incomes have risen, leaving the panel with fewer landlords but not derailing the vote, which officials say will proceed with a quorum and could face legal challenges if it passes. Smyth also urged Gov. Hochul to restore the vacancy bonus.

via New York Daily News|

#landlords #mamdani #note-extra-tag-trimmed-to-five

housing-policy-uk2 months ago•7 min saved

London landlords split over sweeping renters law

The Renters' Rights Act, taking effect May 1, ends no-fault evictions, moves tenants to rolling tenancy agreements, bans bidding wars, and enforces clearer pet rules, prompting mixed reactions in London as some landlords plan to sell while renters gain greater security.

via BBC|

#housing-policy-uk #landlords #london-housing-market

politics6 months ago•1 min saved

Campaign Glamour Meets City Hall as Mamdani Pushes Rental-Hearings Agenda

In his first week as NYC mayor, Zohran Mamdani blends campaign theater with governing, addressing content creators at City Hall and signaling a policy push with plans for rental 'rip-off' hearings to hold landlords to account, all while his familiar media persona and social-media presence frame his approach to leadership.

via The New York Times|

#landlords #mamdani #mayor

local-government6 months ago•2 min saved

California mandates in-unit stoves and refrigerators in apartments

Starting January 1, 2023, California law requires landlords to provide all apartments with a working stove and refrigerator, ending a regional trend where tenants often had to buy their own appliances, which has been seen as a barrier for low-income renters. The law aims to improve living standards and reduce costs for tenants, though it faces opposition from realtor groups concerned about increased legal disputes and reduced rental availability. Enforcement will be managed locally, with tenants able to file complaints if landlords fail to comply.

via CalMatters|

#appliances #california #housing-law

politics10 months ago•4 min saved

NY Developers Convene to Oppose Mamdani

Wealthy New York City landlords and business leaders are mobilizing to support former Governor Andrew Cuomo's bid for mayor, aiming to prevent Assemblyman Zohran Mamdani from winning, amid a chaotic and competitive mayoral race.

via The New York Times|

#andrew-cuomo #landlords #mayor-race

real-estate1 year ago•2 min saved

NYC Council Ends Broker Fees for Tenants, Shifts Cost to Landlords

The New York City council has passed the Fairness in Apartment Rental Expenses Act (Fare), which eliminates broker fees for tenants, shifting the cost to landlords. This move aims to reduce the high upfront costs of renting in the city, where the median rent is $3,500. The bill, passed with a veto-proof majority, will take effect 180 days after becoming law. While Mayor Eric Adams has expressed concerns about the impact on small property owners, the legislation is seen as a step towards fairness in rental expenses.

via The Guardian US|

#broker-fees #housing-policy #landlords

real-estate1 year ago

NYC Council Poised to Pass Bill Shifting Broker Fees to Landlords

A new bill is expected to pass that will shift the responsibility of paying broker fees from renters to landlords, potentially easing the financial burden on tenants in the housing market.

via The New York Times|

#broker-fees #housing-market #landlords

legal-real-estate2 years ago•3 min saved

"Supreme Court Upholds New York Rent Stabilization Laws"

The U.S. Supreme Court declined to hear challenges to New York's rent stabilization laws, which cap rent increases on about 1 million apartments citywide, brought by landlords who argued the regulations prevented them from evicting tenants after their leases expired. The court's decision not to take up the case leaves the possibility of future challenges open. Landlord groups are urging state lawmakers to revise regulations that limit rent increases on vacant apartments and apartment renovations, while lawmakers are open to reviewing rules capping increases related to individual apartment improvements. Gov. Kathy Hochul stated that the regulations are crucial tools to fight inequality and preserve affordability.

via Gothamist|

#landlords #legal-real-estate #new-york

legal-real-estate2 years ago•2 min saved

Supreme Court Upholds New York Rent Stabilization Laws

The Supreme Court declined to hear challenges to New York's rent stabilization laws, which impose strict rules on landlords leasing some units, meaning the laws will stand. The laws, which apply to buildings with six or more units built before 1974, limit rent charges and lease renewals, and make it difficult for landlords to convert rental units into condominiums. Landlords argued the laws violate the US Constitution, but lower courts ruled against them. The city's lawyers argued the laws protect tenants and communities, and the Supreme Court declined to intervene, leaving the rent stabilization laws in place.

via CNN|

#landlords #legal-real-estate #new-york

real-estate2 years ago•7 min saved

Zillow's Strong Q4 Performance Boosts Stock Amid Soft Housing Market

New York's tenant protections have led to some property owners being hesitant to rent out their homes due to horror stories of difficult and non-paying tenants who are difficult to evict. These stories include instances of tenants causing property damage, not paying rent, and manipulating the legal system to live rent-free for years. While the majority of tenants are responsible, these anecdotes have led to a lack of confidence among some property owners. Finding a middle ground that reasonably protects tenants while giving owners the confidence to rent their unused homes is crucial in addressing the affordable housing crisis in New York.

via The Real Deal|

#airbnb #housing-crisis #landlords

real-estate2 years ago•0 min saved

Landlords Resuming Concessions for Renters

Landlords across the country, including in Virginia Beach, are offering concessions to attract and retain tenants, as the housing market becomes more competitive. Renters are benefiting from lower rents and reduced security deposits, as landlords strive to fill vacancies and keep their properties occupied.

via The Wall Street Journal|

#concessions #housing-market #landlords

real-estate2 years ago•2 min saved

"Empty Offices Prompt Landlords to Surrender Keys"

Office landlords, facing the impact of remote work, are resorting to "handing back the keys" by defaulting on mortgages or refusing to refinance office buildings. This tactic allows banks or investors to repossess the buildings, shifting the financial burden onto lenders. Major players in commercial real estate, such as Brookfield and Blackstone, have already defaulted on mortgages, highlighting the challenges in the office market. The pandemic has demonstrated that employees can work effectively from home, leading companies to downsize office space and leaving many office towers unprofitable. Approximately 23% of office space in the US was vacant or available for sublet at the end of November. "Handing back the keys" limits landlords' losses on buildings that have significantly decreased in value.

via Yahoo! Voices|

#default #financial-loss #landlords

arts-and-culture2 years ago•4 min saved

"Unlocking Creative Potential: The Win-Win 'Loophole' Empowering Artists"

Hypha Studios, a London-based nonprofit, provides free working spaces for artists in vacant commercial spaces, benefiting both the artists and landlords. By allowing artists to utilize empty stores and offices, landlords can save money on property taxes and enhance their corporate responsibility image. Similar organizations like ChaShaMa in New York have successfully implemented this model, providing long-term spaces for artists and fostering a sense of community. However, artists without gallery representation may struggle to sell their work and gain recognition in the art market.

via The New York Times|

#artists #arts-and-culture #landlords