Largest rate hike in decades, competing with investor buyers, & more

By Emily Myers | June 16, 2022 - 10:30AM

Emily Myers for Brick Underground 

The Federal Reserve raises interest rates by three-quarters of a percentage point—its biggest move since 1994—in an effort to tackle inflation (The New York Times)

New York City Comptroller Brad Lander joins housing advocates calling for a more equitable property tax as the 421-a tax program sunsets (press release)

Investors buy a record share of the residential buildings in New York in the first quarter, up 50 percent compared to last year (Redfin)

Several NYC developments face investigations for using fake architect credentials (NY Post)

A lack of guidance on sidewalk restaurant sheds means many are racking up violations, becoming eyesores, and harboring rats (The City)

The BQE is still crumbling—and there's still no plan to fix it (The New York Times)

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