Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.
The bottom line is this: New York City needs more housing, and the new housing deal, announced Monday, and supposed to be signed by Kathy Hochul in the coming days, sounds like a step in the right direction. According to the article linked below from the Real Deal: “The bill was expected to be approved by the legislature Saturday and signed by the governor.”
ICYMI: Here’s a link to the article on the Real Deal.
Some of the major points were the creation of 485x, a program where developers receive property tax benefits who meet construction worker income requirements and who also set aside a set number of affordable housing units inside their new buildings (there was a previous version of this called 421a, which expired in 2022). There was also legislation passed regarding rent stabilized apartments, as well as items about the conversion of office space to apartments, and the creation of a version of the Good Cause eviction bill which protects tenants. (There were other points as well outlined in the deal).
I’ll let you read the article above. All I’ll say is this: I hear from landlords and property owners about how hard it is to build in the city – how high constructions costs and taxes have become. 485x sounds like a good way to get projects off the ground.
We need more housing. Personally, I am planning a move later this year to a neighborhood where I know no property owners — going on StreetEasy has yielded few results for desirable apartments and the price points for these limited options are sky high.
When I show tenants apartments, I hear – and feel – their stress and frustration about how hard it is to find a nice apartment. The lack of inventory in the city creates high prices and causes hysteria among tenants of all income brackets in need of new housing.
The new housing deal sounds positive for everyone – both tenants looking for new, possibly affordable apartments and property owners looking to create more units.
Are you a property owner that wants to sell their condo, investment property or needs to rent an apartment or retail space in New York City? Call or text me: Sam Moritz, licensed real estate agent, 203–209–3640.
Do you know a property owner that might need real estate help? Refer me! I provide great and professional real estate services across all five boroughs.