InfoAnda - Higher Chance For Stricter Rent Control Laws In New York City With Democrat Rule Of Legislature

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Higher Chance For Stricter Rent Control Laws In New York City With Democrat Rule Of Legislature February 2, 2009 8:39 a.m. EST AHN Staff New York, NY (AHN) - Democrat control of the New York Senate for the first time in 43 years will mean there will be a higher chance for stricter rent control to support a number of bills the New York Assembly will file that will give rent control laws a push. According to Assembly Speaker Sheldon Silver, who had been trying to seek Senate support for these measures since 1997, said, "The longer we don't do this, the more apartment we lose from that affordable category." That year Silver gave in to support landlord-friendly legislation in the rent control law he was crafting, which caused 300,000 units in New York City to be out of the ambit of rent control. The system limited rent control to units leasing below $2,000 a month, the apartment becomes vacant or the wages of the tenant exceeds $175,000 a year. The proposal is to hike the tenant income threshold to $240,000 a year, while the rental cap would be raised to $2,700. Both limits must be conditions to hike rents in the city. Silver pointed out, "It is working men and women in New York who are trying to protect. We don't want New York City to become the city of the very rich and the very poor." According to brokerage Real Estate Group, now is the best time to lease a property in New York City, particularly in Manhattan where rent dipped in almost every sector of the real estate market. The largest drop was registered in one bedroom units in buildings with doormen, which went down 5.7 percent, and in building without where the decline was by 6.53 percent. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

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