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It's not just the real-estate lobby. The de Blasio administration and his progressive supporters also have a stake in 421a. The below-market rentals that this program generates at taxpayer expense can be counted towards his goal of creating or preserving 200,000 affordable units by 2024.
They have to tweak the programs so property managers aren't entitled to more rent than they're supposed to, if paid by government entitlements. Make it so they get the legal regulated rent of said affordable housing unit
They have to tweak the programs so property managers aren't entitled to more rent than they're supposed to, if paid by government entitlements. Make it so they get the legal regulated rent of said affordable housing unit
This relies on tenants originating inquiries.
I know a landlord who was overcharging someone whose rent was paid in portion by Section 8 - elderly woman.
He was charging her quite a bit more than her legal portion. He then had the nerve to take her to court for nonpayment. His scamming came out in the course of things. Point is, can be hard to uncover as well if you do not suspect and know what to look at. Apparently a common scenario for "increasing rent rolls."
Community groups are working to educate tenants about this.
Not really a lot of middle class homeowners around my community have been complaining how much higher property tax will increase once the tax abatement expires. A couple thousand dollars a year has a lot of meaning to them. Not everyone who purchased a tax abatement property is rich and the cost of property maintenance is high in NYC. I wouldn't be surprise if people are force to sell because they can't pay the cost of home ownership.
Not really a lot of middle class homeowners around my community have been complaining how much higher property tax will increase once the tax abatement expires. A couple thousand dollars a year has a lot of meaning to them. Not everyone who purchased a tax abatement property is rich and the cost of property maintenance is high in NYC. I wouldn't be surprise if people are force to sell because they can't pay the cost of home ownership.
I wasn't talking about impact but the reasons for continuing it.
It was a good idea when NYC was in the tank. Absolutely no need for it now. All it does is inflate land values, inflate the cost of materials and inflate union wages. Without it, land values, material costs and wages will come down, and stuff will get built.
How does one feel about the argument that land values are 'inflated' because of a lack of land.....?
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