State Senator Brian Benjamin (D-Dist. 30) will be introducing a bill that will extend the base date in overcharge complaints from four years to six years. The bill will also, according to the Daily News, “return apartments that were deregulated as a result of the rent overcharges back into the rent-regulated system” and “allow for penalties…even in cases where there were overcharges but no illegality or fraud is proven.” This could have a major impact on landlords who deregulated while receiving J-51 benefits, though it is unclear what these penalties will be or if tenants will be able to seek treble damages.
One thing the bill will not change, however, is that it will not allow rent administrators to look beyond the base date unless there is a colorable claim of fraud.
The New York Daily News has more.
Younger investors (typically under the age of 40) are buying up rent stabilized buildings in Brooklyn. They are particularly attracted to properties in the neighborhoods of Bedford-Stuyvesant, Bushwick, Crown Heights, and Sunset Park. Many of these investors are purchasing buildings with between 6 and 10 units.
Older investors, meanwhile, think they’re crazy.
The Commercial Observer has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
The Pakistani rupee lost 10 percent of its value following its government’s request for a $7 billion bailout from the International Monetary Fund, the IMF cut its global outlook for 2018 and 2019 due to rising instability in emerging markets and a growing sense of economic nationalism in the West, Bulgarian police have arrested a man in connection with the murder of TV journalist Viktoria Marinova, and Turkish investigators will search the Saudi consulate in Istanbul for any evidence that could reveal what happened to journalist Jamal Khashoggi who was last seen at the consulate last week. Nikki Haley has resigned as United States Ambassador to the United Nations, former White House Communications Director Hope Hicks will become the Chief Communications Officer at Fox News, Taylor Swift urged her fans to vote in the midterm elections and that evidently led 65,000 people decided to register to vote in one 24-hour period, Kanye West will visit the White House on Thursday, and Hurricane Michael (now a Category 2 storm) is heading for the Florida Panhandle and is expected to make landfall tomorrow. The Environmental Protection Agency will not enforce new energy efficiency ratings because it could be bad for business, Exxon Mobil plans to spend $1 million over two years to promote a carbon tax, Amazon is cutting some forms of compensation (such as stock options and bonuses for non-executives or management or coders or anyone who works outside of a fulfillment center) to raise its minimum wage to $15 per hour, America’s insider trading laws are almost criminally out of date, two landlords in the Lower East Side are fighting to keep a 1,000-foot-tall megatower from cantilevering over their property, a massive luxury condo building is coming to Asbury Park, Buffalo’s housing market is struggling to meet demand, the Bronx has more unique dog doo complaints per square mile than any other borough, and there’s a double-parking epidemic in the city (particularly along 5th Avenue in Bay Ridge).
Tigresses dig Calvin Klein cologne, a gecko made several phone calls from inside an animal hospital in Hawaii, Virgin Galactic is just weeks away from officially entering the private space race, the Hubble Space Telescope is taking a nap, your brain probably needs a nap, the hippocampi may be the region of the brain responsible for editing consciousness into easily-retrievable chunks of memories, Drew Brees surpassed Peyton Manning’s career passing yards record last night in a victory against the Washington Redskins, and the recently released shortlist of potential inductees into the Rock & Roll Hall of Fame for 2019 includes several artists who have been passed by repeatedly (such as Janet Jackson and Todd Rundgren) and newly eligible acts that were passed by for the first time last year (like Radiohead and Rage Against the Machine).