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New York City property owners know all too well how costly and difficult the COVID-19 pandemic was for many in the industry. Considering the double-whammy of inflation that swiftly followed, the financial toll has been a struggle for some. Preliminary rates set Now,...
The Emergency Rental Assistance Program (ERAP) was closed on Jan. 20, 2023, by the Office of Temporary and Disability Assistance (OTDA). For months, many summary proceedings have been on hold for tenants with pending ERAP applications, even when funding for the...
No one could have predicted the extreme, once-in-a-lifetime events that began with the March 2020 emergence of COVID-19. Now, after almost three dramatic years, inflation and the Federal Reserve System’s (the Fed’s) corresponding interest rate hikes add even more...
After the long haul through the eviction moratorium and other pandemic-related restrictions, property owners are ready to get back on track with life as we knew it in the housing business. Unfortunately, this is not yet the case. Several moving parts seem to...
As of this writing on Sept. 22, 2022, New York property owners and landlord advocacy organizations have five federal lawsuits awaiting decision before the U.S. Court of Appeals for the Second Circuit. These suits challenge 2019 state law changes that gave tenants in...
New York Gov. Kathy Hochul signed legislation on June 7, taking effect immediately, that will ease red tape for hotel owners and developers considering the conversion of underutilized, sometimes vacant hotels into affordable residential units. The bill allots $200...
The COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020 and COVID-19 Emergency Protect Our Small Business Act of 2020 have both expired on January 15, 2022. This is welcome news as both residential and commercial eviction proceedings may proceed in...
The HSTPA was signed into law during the summer of 2019 by then Governor Andrew Cuomo. Unfortunately, as the law applied to all residential apartment leases, it painted with too broad a brush and brought cooperative proprietary leases under its domain. Almost...
The Second Circuit Court of Appeals ruled on October 28, 2021 that the Federal Judge presiding over the case Melendez v. City of New York erred in dismissing the Federal Court Action brought by various landlords challenging NYC COVID Laws that adversely impacted...
Earlier this month, Local 32BJ and the Realty Advisory Board on Labor Relations, Inc. (“RAB”) entered into a memorandum of agreement ("MOA") which permits member buildings to require all of its employees be vaccinated against COVID-19. The pertinent provisions of the...
