real estate transactions

Changes to Star Rebate Program

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In 2015, Governor Andrew Cuomo’s changes to the New York State School Tax Relief Program (STAR), affected many homeowners. There are two types of STAR Programs: Basic and Enhanced.

 

The Basic Program provides a $300 tax reduction and there is no age requirement. To qualify for Basic STAR the resident and/or their spouse cannot have a combined income of more than $500,000.

 

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Enforcing Holdover Rent Provisions in New York

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When drafting a lease agreement, many landlords include a “holdover rent” provision forcing tenants to pay additional rent if they remain in tenancy past the lease term. The provision could require a tenant to pay anywhere from two to three times their stated rent for each month they remain on the premises. New York courts have found these provisions valid as the landlord’s rights to liquidated damages.

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Panelists Discuss Fixing New York City’s Housing Problem

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With New York City’s population expected to grow to 9 million people in the next 25 years, panelists at a recent Crain’s panel discussion strategized over ways to improve the number of housing options for city residents. In 2014, Mayor Bill de Blasio implemented the “Housing New York” plan which set forth regulations to improve New York City’s affordable housing market.

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What is ACRIS and How to Use It

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If you are engaging in any property transaction within the five boroughs, the Automated City Register Information System (ACRIS) is one of the most beneficial tools to your real-estate conveyance. The system is intended to provide notice to property owners of any deeds, mortgages, or other related documents that have been recorded against a single property. Navigating the site does not require any registration, and is completely free.

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Mayor May Reconsider Air Rights Policy

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Mayor Bill de Blasio is expected to announce changes to the city’s air rights policy, affecting the way how unused development rights are bought and sold. Crain’s New York Business reported that the City Planning Commission has also solicited feedback from land use attorneys and nonprofit organizations on what changes they would like to see regarding development rights.

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After a Hot 2015, Fewer Building Permits are Being Issued This Year

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The U.S. Census Bureau recently released its report on building permits issued in the city. According to Crain’s New York Business, only 7,439 permits were issued so far this year. The agency predicts that, at this pace, only 13,000 permits will be given out to developers by the end of the year — far less than the 56,000 permits issued in 2015.

 

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