Two bills backed by a landlord group aim to fill vacant rent-stabilized apartments.
One would allow some rent-stabilized owners to collect the full voucher amount even when the regulated rent is less than the allowable rental assistance. The measure, introduced this week by Sen. Leroy Comrie, would create a pilot program that would allow owners of stabilized apartments registered as vacant in 2025 to collect the full voucher amount.
The idea is that the promise of additional rent could help owners renovate long-vacant units and rent them out. To qualify, a building must be constructed pre-1974.
The pilot would apply to local, state and federal rental assistance, and would expire in 2027.
Sen. Zellnor Myrie, who is running for mayor, pitched a similar program as part of his housing platform. Tenant groups were not happy, saying it would “undermine rent stabilization.” Their concern is that it could incentivize landlords to push existing tenants out in order to cash in on the increase in rent.
The New York Apartment Association indicated in January that it would prioritize this type of legislation this session. “We welcome any efforts to get empty stabilized apartments back online and to get New Yorkers in the shelter system into permanent housing,” NYAA’s Jay Martin said in a statement. “This bill would be a small step towards accomplishing both of these things.”
The group also still has its sights on a measure that would allow owners to reset rents for regulated apartments that have become vacant after continuous occupancy for 10 or more years. Owners must show that they renovated the apartment, and reach an agreement with the new tenant to reset the rent (which can’t be higher than the caps set by the Department of Housing and Urban Development for Section 8 vouchers). That bill, which has been pitched in different forms over the last few years, was reintroduced this week.
What we’re thinking about: It’s that time of year again! The Rent Guidelines Board held its first meeting this week and released its Income and Expense Study. Where do you think the board will land this year on rent increases? Send predictions to kathryn@therealdeal.com.
A thing we’ve learned: Architect David Childs was studying zoology at Yale University when he heard architectural historian Vincent Scully give a lecture and decided to change majors. Childs died this week at age 83.
Elsewhere in New York…
— Gov. Andrew Cuomo withheld Covid vaccines from a facility set up at Citi Field for several weeks because he didn’t like that Mayor Bill de Blasio was the one to open the site, Politico New York reports. A spokesperson for Cuomo called the report “nothing more than silly, revisionist history from a bunch of de Blasio ex-pats.”
—ICYMI: Gov. Kathy Hochul floated bringing lawmakers back to Albany for a special session to address federal cuts that are not addressed in the state budget, which is due April 1, the New York Times reports. “If and when we lose federal dollars in various categories, we are going to have to completely re-evaluate sections of the budget or perhaps the whole budget,” said State Sen. Liz Krueger, a Democrat who leads the Finance Committee, told the Times.
— Attorney General Letitia James and the Department of State are siding with the city in the Real Estate Board of New York’s lawsuit challenging the Fairness in Apartment Rental Expenses Act, Crain’s reports. James filed an amicus brief backing the city’s argument that the FARE act does not violate state law.
Closing Time
Residential: The priciest residential sale Friday was $6.6 million for a co-op unit at 211 Central Park South on the Upper West Side. The Peraino Team at Douglas Elliman had the listing.
Commercial: The most expensive commercial closing of the day was $11.5 million for a 15,815-square-foot office building at 449 39th Street in Sunset Park.
New to the Market: The highest price for a residential property hitting the market was $37 million for a 11,695-square-foot townhouse at 121 East 65th Street in Lenox Hill. Serena Boardman of Sotheby’s International Realty has the listing.
Breaking Ground: The largest new building application filed was for a 61,535-square-foot project in Charlotte Gardens, the Bronx. The building is over seven stories tall with Leandro Dickson of LND Design + Build as the applicant of record.
— Matthew Elo
