Predatory investors beware: City is watching rent-regulated properties New bill will create “Speculation Watch List”
The City Council on Thursday unanimously voted on t爱上海 he Predatory Equity Bill, which will create a watch list of rent-regulated buildings where tenants are potentially vulnerable to investors who may want to kick them out.
The legislation requires the Department of Housing Preservat爱上海 ion and Development to compile a “Speculation Watch List” of rent-regulated properties with sales prices that are unus爱上海同城 ually high in comparison to similar sales in the area. City officials feel that such transactions could hint that investors seek to raise rents in the buildings by displacing current tenants.
HPD will complete the list within the next 10 months and update it quarterly.
The council also passed a duo of tenant harassment bills on Thursday. One changes the definition of harassment to include certain construction code violations, such as failure to fix hazardous conditions at a site. The other requires that certain developers get a ce上海贵族宝贝论坛 rtificate of no harassment before the Department of Buildings can issue a permit for renovation or demolition work at the property.
Earlier this year, The Real Deal took a look at the flurry of speculative buying in the Bronx from 2009 to 2016. A majority of the deals identified as speculative were rent stabilized. Council member Ritchie Torres introduced上海龙凤论坛sh1f the Predatory Equity Bill in 2016.
Tags: affordable housing, Commercial Real Estate, department of housing preservation and development, east new york, Rent Regulations, Residential Real Estate
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