LandlordsNY Briefing for January 9th

New York City Mayor Bill de Blasio announced yesterday that the city will begin spending approximately $100 million annually to offer the city’s uninsured and undocumented access to basic health care. Those who do not have insurance and are not eligible for the existing MetroPlus program will be able to enroll in the new program, NYC Care. The program will allow them access to primary-care physicians, specialists, pharmacy services, and mental health professionals within the public-hospital system.

The goal of the plan is to ease the burden on emergency rooms throughout the city, which have complained for decades of being overwhelmed by uninsured patients seeking care for non-emergencies. The heavily subsidized program will not necessarily be free to all those who sign up. The city will charge using a sliding-scale model.

The Wall Street Journal has more.


Despite a retreat from commercial real estate in the past few years, Chinese investors continue to lead all foreign nationals in both the number of U.S. homes purchased and investment in dollar volume for the past six consecutive years. What has changed, however, is that the buyers are oftentimes purchasing lower-priced homes and financing them with mortgages. In the past, most of the buyers were wealthy enough to purchase the homes in cash.

This trend has become especially apparent in Long Island City, particularly in the wake of Amazon's announcement that it plans to open a campus there.

The Real Deal has more.


In a Landlords New York Minute – A (Very) Brief Look Around the World

Australian polices are investigating a series of suspicious packages that were sent to numerous diplomatic offices in Melbourne and Canberra, British Prime Minister Theresa May could be granted less than a week to produce a plan B for Brexit should she lose a critical vote in parliament next Tuesday, and China and the United States have concluded three days of trade negotiations with an optimistic outlook but no deal. Global markets responded positively to the optimism, but the World Bank cut its global forecast for 2019 and 2020 largely due to political instability and continuing trade tensions, Goldman Sachs economists lowered their forecasts for interest-rate increases and U.S. government bond yields in 2019, and investors’ computer models are telling them to short everything. President Donald Trump gave a prime-time address last night in which he made the case for his border wall. Senator Charles Schumer (D-N.Y.) and House Speaker Nancy Pelosi (D-Calif.) responded with an offer to discuss changes to border security after passing legislation that will end the government shutdown (now on its 19th day) and described the president’s fixation on a costly and ineffective wall as a hostage tactic. In related news, the government shutdown has frozen the IPO market, Fitch Ratings has warned that a continued shutdown will damage the nation’s Triple-A credit rating, some borrowers have been unable to obtain a mortgage during the partial shutdown, and the shutdown is endangering local military funding along the U.S.–Canadian border at Niagara Falls. Meanwhile, Natalia Veselnitskaya, the Russian lawyer who met with President Trump’s inner circle in 2016 at Trump Tower to provide his campaign team with documents that were supposed to incriminate Mr. Trump’s Democratic opponent, Hillary Clinton, was charged for obstructing justice while attempting to launder money for Kremlin-connected investors through New York City real estate; former Trump campaign manager Paul Manafort, who has already been convicted of 10 felonies and is currently awaiting sentencing, has been accused of lying about sharing polling data with Russian intelligence during the 2016 campaign; and Deputy Attorney General Rod Rosenstein, who was tasked with overseeing Robert Mueller's investigation into the possibility that Russia interfered with the 2016 election and illegally provided support to the Trump campaign once former Attorney General Jeff Sessions recused himself from the investigation, announced that he expects to leave the Department of Justice in March. In Albany, Governor Andrew Cuomo is hoping to overhaul the Metropolitan Transportation Authority evidently after just recently discovering that he is the one who more or less runs the agency, the state Senate and Assembly hope to unveil reform measures to strengthen ethics enforcement, and a bill may (finally) force the Independence Party to change its name so people stop accidentally signing up for it and thinking that they are registering to be independents. In other local news, Taxi and Limousine Commission Chair Meera Joshi will step down in March, the Chrysler Building is for sale, the Bronx General Post Office is in contract for over $70 million, and the Shed is set to open April 5.

Physicists have discovered a new way to make plutonium, an American company will soon book submarine trips to the Titanic, a California man was caught licking a doorbell for an extended period of time, an 18-wheeler spilled tons of chicken tenders onto an Alabama highway and the inevitable followed, America's cheese glut is getting worse, and the “sonic attack” that allegedly crippled several U.S. diplomats in Cuba may have just been the sound of crickets—a sound which is oftentimes used as a metaphor for silence after a really bad joke.

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