LandlordsNY Briefing for June 13th

New York City will spend $500 million to build affordable apartments for senior citizens on vacant land that is both city-owned and adjacent to existing public housing developments. The hope is that these new apartments will attract low-income seniors currently in two- and three-bedroom NYCHA units. By leaving, this allows more of the 207,000 families who are currently on the waiting list to move in and take their place.

Housing advocates believe that the $500 million is a step in the right direction, but contend that the city should be spending as much as $2 billion to create thousands of these units designed specifically for low-income senior citizens. As both Mayor Bill de Blasio and City Council Speaker Corey Johnson support the idea and the initial $500 million investment, it is probable that the city will supply the additional funds should the project prove successful.

The Wall Street Journal has more.

The first renderings of the seven-story, 21-unit condo building that developer Nexus Building Development Group hopes to erect at the corner of Second Avenue and East 7th Street in the East Village have been released. Now begins the arduous process of getting the building approved by the Landmarks Committee of Community Board 3, as the property is within the East Village/Lower East Side historic district, as well as the City’s Landmarks Preservation Commission.

The development rests on one of the two properties that were damaged due to a gas explosion in 2015. No development plans have been announced for the other property at this time.

Curbed New York has more.

An American-backed and Saudi-led coalition in Yemen has initiated its assault on the port city of Hodeidah, which is held by the Iranian-backed Houthis; North Korea is “no longer a nuclear threat,” according to President Trump; the President plans to punish the people of Canada economically because Canadian President Justin Trudeau criticized tariffs that the White House recently imposed against some of the United States’ closest allies; the White House may levy additional tariffs upon China; and the U.S., Canada, and Mexico won a bid to host the 2026 World Cup over Morocco. The Federal Reserve will likely raise short-term interest rates by a quarter percentage point today, emerging market currencies are falling as the dollar increases in strength, sharing electric scooters is likely to become the next big thing in urban transportation, Banksy once again revealed that modern art is about name recognition more than substance, and Environmental Protection Agency head Scott Pruitt evidently had an associate administrator in the EPA’s Office of Policy contact party donors to secure a job for his wife either before or after his attempt to get her a job at Chick-fil-A fell through. Meanwhile, Bitcoin’s meteoric rise last year was likely caused by covert actions by a few tech-savvy actors; a federal judge ruled that the $85.4 billion merger between AT&T and Timer Warner can proceed despite arguments from both the Justice Department and consumer advocacy groups that AT&T’s acquisition of Timer Warner will lead to less competition and higher prices for consumers; and Wall Street expects that the merger will lead to a merger and acquisition frenzy that may start with Comcast acquiring assets held by 21st Century Fox or a merger of Verizon with CBS, Viacom, or Discovery. Amazon had a temper tantrum over a $12 million annual tax that Seattle attempted to impose on the company, which generated $178 billion in revenue last year, and got the tax repealed. The federal budget deficit widened by 23% between October and May to $146.8 billion because of reduced tax revenues and increased spending, large metro areas are seeing concentrated and accelerated growth, rural communities across the country are closing schools due to budget constraints, Domino’s Pizza is filling potholes and branding the asphalt in municipalities that can’t afford to conduct basic road maintenance, California may get broken up into three states, a noted pimp and author of the book “The Art of the Pimp” was elected to the Nevada state Legislature yesterday, and New Jersey could be losing as much as $1 billion in revenue each year by 2020 due to corporate tax breaks. In local news, the Frick Collection is once again trying to expand, the IFC Center hopes to expand to include six additional theaters, 85 Jay will be transformative for DUMBO, and New York-Presbyterian Brooklyn Methodist Hospital held its beam-signing ceremony for its Center for Community Health that is due to open in 2020 today.

PECO, formerly known as the Philadelphia Electric Company, is giving the branches that it trims away from power lines to the Philadelphia Zoo to feed as many as 40 species of animals; a raccoon climbed more than 20 stories up a building in St. Paul and then had to be rescued; in 2000 a raccoon climbed on top of the Capitol Dome in Washington and had to be rescued; and a five- or six-foot long snake had to be removed from a Texas toilet. The age of adulthood in Japan was recently switched from 20 to 18, women’s voices are getting deeper, Macedonia may become the Republic of North Macedonia, and the makers of Eau De Musc assume you will never ask how the proverbial sausage is made.

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