LandlordsNY Briefing for October 30th

Because LandlordsNY will be covering the New York City Council's hearing on legislation that will require more stringent water tank inspections, today's briefing will be abridged.

New York City Councilmember Ritchie Torres (D-Dist. 15) will introduce legislation this week that will create city-operated and tax-deductible charities to which residents can donate instead of paying local taxes. Those who donate can then write off the contributions to reduce the amount they owe the federal government, as changes to the federal tax code now cap state and local tax deductions at $10,000. [Wall Street Journal]

New York City Councilmember Rafael Salamanca, Jr. (D-Dist. 17), will introduce legislation tomorrow that will require any rental housing development that receives taxpayer subsidies to set aside at least 15 percent of its units for people living in the city's shelter system. Mayor Bill de Blasio's current policy is to only require these projects to set aside 5 percent for people from the shelter system. The mayor's office says it opposes the new legislation. [New York Times]

President Donald Trump is considering an executive order that would end the practice of granting citizenship to children of non-citizens born on United States soil. The order would face challenges in court, as most legal scholars agree the move would be a violation of the 14th Amendment. [Washington Post]

General Electric is cutting its quarterly dividend from 12 cents per share to 1 cent per share—its second dividend cut in just the past 12 months. [Financial Times]

City & State has a breakdown of some of New York state's more competitive House races. [City & State]

Democrats are hopeful that they will be able to flip Albany's lower house, which will allow them to pursue a two-tiered agenda aimed at passing legislation that has stalled for years before moving on to more progressive legislation that will be more controversial and difficult to pass—even with Democrats in control of both Legislatures and the governor's office. [Gotham Gazette]

An industrially-zoned, 16.820-square-foot property on the border of Williamsburg and Greenpoint has been sold to Brooklyn real estate investor Joel Jacobowitz. He plans to convert the space into a new office and retail project. [Commercial Observer]

Though done quietly, infrastructure is being built to make the city more resilient to major storms like Hurricane Sandy. [Curbed New York]

The Queens Chronicle continued its war on bike lanes in yet another editorial on the subject. [Queens Chronicle]

The most expensive home in the U.S., which is located in the Bel Air portion of Los Angeles, just went on the market for $245 million. [New York Post]

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