The $55 NYC apartment

 

The $55 NYC apartment

SoHo geezers have cheapest rents in Apple

Last Updated: 3:06 AM, March 18, 2012


It’s the best rent deal in New York City: a SoHo one-bedroom that goes for the price of a porterhouse steak.
Thomas Lombardi, whose family moved to Manhattan from Italy in the 1940s, pays $55.01 a month for a one-bedroom at 5Spring St. — the same unit where he grew up and which he now shares with his much younger wife.
His monthly rent — which amounts to the price of a cup of coffee a day — has not increased a penny in at least two decades, according to state records.
“That’s the lowest rent I’ve ever heard of,” said Frank Ricci, director of government affairs at the Rent Stabilization Association, which represents 25,000 property owners.

What’s NYC without rent regulations?

 

What’s NYC without rent regulations?

Sales pros weigh impact if Supreme Court rules against city in federal lawsuit seeking to overturn World War II-era laws
March 09, 2012 04:00PM

Commercial real estate brokers such as Robert Knakal, Peter Hauspurg and Adelaide Polsinelli are keeping a watchful eye on the U.S. Supreme Court as it considers whether it will hear a case that could overturn rent regulation in New York City.
James and Jeanne Harmon, landlords of a rent-regulated Upper West Side brownstone, filed a federal lawsuit seeking to overturn World War II-era laws that limit annual increases in rents for about 1 million apartments, and is getting an unexpectedly thorough review from the U.S. Supreme Court, which is going to decide whether it wants to hear the case. However, lower courts have turned their petition down.
While most real estate insiders don’t believe the current laws, supported by the city in court, will be struck down, this is the first time in a generation that a serious challenge to them has emerged. As a result, brokers are looking at what impact it would have on property prices and volume if the regulations were overturned.

Wars Over Regulation of Rent Are Only a Sideshow

 

March 10, 2012

Wars Over Regulation of Rent Are Only a Sideshow

 

 

With a certain regularity, New Yorkers are given the opportunity to engage in a satisfyingly maddening if futile pastime: decrying the obscenities of rent regulation.
The narratives present themselves readily: Last year we learned that for nearly two decades, Faye Dunaway had a rent-stabilized apartment on the Upper East Side for which she paid about $1,000 a month. Many of us know someone, or know someone who knows someone, who has managed to live a Woody Allen life in a sprawling West Side classic-six for monthly carrying costs that would seem only minimally to exceed the cable bill. In some of these instances, the lucky jerk unfairly receiving the city’s largess has managed to save up so much money that August will find him at his second place in the Berkshires or the South of France.

Not even running a brothel could get someone evicted in New York

 

Not even running a brothel could get someone evicted in New York

Last Updated: 9:14 AM, March 11, 2012


Not even running a brothel is enough to remove someone from New York’s coveted — and heavily protected — rent-stabilized and rent-controlled apartments.
If the landlord who owns the $600-a-month apartment on East 78th Street wanted to boot alleged madam Anna Gristina, he’d face an uphill climb. Many judges would not evict Gristina unless she’s been convicted, experts say.

“Even with the best case in the world, it would take me at least three months to evict someone and in most cases much more time,” said real-estate lawyer Adam Leitman Baily.
The issue is so contentious that the US Supreme Court is considering hearing a case on the issue. James Harmon, who owns an Upper West Side brownstone, sued to evict a $1,000-a-month rent regulated tenant, even though she owns a home in the Hamptons. Lower courts have found in her favor.



Source: NY Post

The Case Against Rent Control

 

The Case Against Rent Control

An Upper West Side landlord challenges a New York City institution

The handsome five-story brownstone located at 32 West 76th Street in Manhattan doesn’t look like it belongs at the center of a contentious legal struggle. But that impression changes when you learn about the recent activities of its owner, 68-year-old James D. Harmon Jr.
Harmon, a former federal prosecutor who once served as chief counsel to President Ronald Reagan’s Commission on Organized Crime, has filed a powerful legal challenge asking the U.S. Supreme Court to strike down New York City’s four-decades-old rent stabilization law. At first, New York officials thought so little of Harmon’s challenge that they waived their right to file an opposing brief with the Supreme Court. But those officials got a rude awakening when the Supreme Court asked them to respond to Harmon’s petition anyway, signaling that somebody at the Court took the legal challenge seriously.
Does the case against rent control have merit?

Belkin fires latest salvo against city rent laws

 

Belkin fires latest salvo against city rent laws
10:38 AM, MARCH 8, 2012
By Al Barbarino
Amid a perpetual rent stabilization debate, one of New York’s leading housing experts is warning that the city’s highly contentious laws are unconstitutional.
Sherwin Belkin

Sherwin Belkin, a Manhattan lawyer who represents some of the city’s top landlords, blasted a legal brief that the city issued this week calling the legislation a “legitimate exercise of government police power.”

Instead, Belkin says, the rent laws that were introduced during the Second World War to address a housing emergency may just violate tenants’ Fifth Amendment rights.
The verbal volley comes following an appeals courts ruling on Harmon v. Kimmel, a rent stabilization lawsuit that was filed by the owners of a Manhattan brownstone.

NYC rent control may go to Supreme Court

 

NYC rent control may go to Supreme Court

The landlord is arguing that the city’s rent-stabilization laws are unconstitutional. In his building, one tenant is paying about $1,000 a month and another is paying $2,650 for similar apartments.

If you don’t live in New York City, this may sound unbelievable: You canlive in an apartment for half or less of the market rate, forever, and if youdie, you can leave the apartment — with its low rent — to your children.

The rent-stabilization laws that New York City enacted in response to ahousing shortage after World War I are facing a new challenge, in a case thatmay go to the Supreme Court.

James and Jeanne Harmon inherited a five story townhouse in Manhattan’s UpperWest Side. The building has six one-bedroom apartments, in addition to theirunit. Three are rented for market rate. Three, considered”rent-stabilized” are rented for 59% less, according to a case filedby the Harmons in federal court.

Continue reading