Get up to speed on rent reform, affordability, and the NY mansion tax
In the first episode of this season, The Brick Underground podcast will take a look at rent reform and the changes you can expect when it comes to the city's rent-stabilized apartments. We'll consider the changes that might be coming as a result of reforms being thrashed out in Albany. The current laws expire on June 15th, so the changes are less than a month away.
What's on the table? Ending vacancy decontrol could prevent city apartments cycling out of the rent-stabilized system when the maximum rent of $2,774.76 is reached. Likewise, many tenant activists want to see an end to major capital improvements (MCIs) and individual apartment improvements (IAIs), which they claim landlords use to hike the rents in the guise of minor repairs.
On the other hand, some landlords feel they carry an unfair burden when it comes to making the city affordable and say that without being allowed to increase rent in stabilized apartments, their properties would fall into disrepair. In addition, there's a chance the city might lose rental units if stricter controls prompt building owners to convert their rental complexes to condos or co-ops.
We'll jump into the debate with Moses Gates, an urban planner from Regional Plan Association, and try to make sense of the upcoming changes.
We'll also explore the newly scaled mansion tax with real estate attorney Jerry Feeney and consider ways to make the city more affordable.
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