As summer 2024 winds down, the implementation of new rent control laws has attracted much attention. Providing some respite from the summer’s rent control heat is a recent win for the multifamily industry coming from the...more
New York recently adopted the Affordable Neighborhoods for New Yorkers (ANNY) Tax Incentive and the Affordable Housing from Commercial Conversions (AHCC) Tax Incentive programs, as well as a host of other new and modified...more
We continue to track important legislative and regulatory proposals and changes in the region. Our most recent prior Alert discussed rent control efforts in Maryland, changes to the Low Income Housing Tax Credit program,...more
The city of Berkeley will pay $4 million in connection with its mishandling of an application to build 260 housing units on the old Spenger's parking lot. Alameda County Superior Court Judge Frank Roesch fined Berkeley $2.6...more
Governor Kathy Hochul recently signed legislation authorizing a new tax abatement to promote improvements to affordable housing in New York City. In June 2023, lawmakers in New York State passed the Affordable Housing...more
During the waning hours of the 2023 legislative session, New York lawmakers passed the Affordable Housing Rehabilitation Program (the “Program”) to replace the lapsed J-51 tax break that expired on July 1, 2022. Similar to...more
On May 30, 2023, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) from the public focusing on “issues faced by tenants in multifamily properties, and on any opportunities and potential impacts...more
Summary - Rent control remains a hot topic around the beltway, and counties in Maryland are pursuing new laws limiting rent increases....more
With likely recession encroaching, PropTech seen as cost-cutting tool in CRE - Bisnow – October 11 A rolling series of challenges, from the pandemic to labor shortages to an unfolding economic downturn, have increased focus...more
Times are challenging for multifamily landlords with nonpaying tenants. Landlords depend on rent to pay taxes, insurance, maintenance, management fees, debt service, and other expenses related to the property. Government...more