Two progressive Manhattan state lawmakers are back to pushing “rent control for the rich” to benefit residents of “Billionaire’s Row.”
Two progressive Manhattan state lawmakers are back to pushing “ rent control for the rich” to benefit residents of “ State Sen. Liz Krueger and Assemblywoman Linda Rosenthal tried to sneak this into law last year, losing out only after Once again, their proposal applies to roughly 100 co-op buildings, mainly in Manhattan , that sit on land someone else owns; these “ground leases” are renegotiated every 20 to 30 years and usually result in a rent reset for shareholders.
Right now, an arbitration process kicks in when ground owners and co-ops can’t agree on a rent reset after the ground lease expires — all as per the original contracts. The Krueger-Rosenthal bill, narrowly approved 10-9 last month by the state Senate Judiciary Committee, would unconstitutionally rewrite those private contracts to limit land-rent hikes to 3% or the Consumer Price Index . It would also guarantee lease renewals at the same terms for up to 30 years and grant co-op boards right of first refusal if the landowner opts to sell the parcel.To end the war in Ukraine, make Beijing’s bankrolling of Russia’s war machine hurtAs ideological cover, the bill would also force some outer-borough units in land-lease co-op buildings back under the rent laws — decades after they left when the building went co-op. Except that this would force some owners to dig up rent records — from as long as 46 years ago — that the law didn’t require them to keep. The two Manhattan progressives are plainly looking to curry favor with a few wealthy constituents who’d see the value of their units skyrocket. Never mind the horrific precedent this would set as the Legislature tears up existing contracts by overriding the terms of agreement. Even if the law eventually got tossed as unconstitutional, it would poison New York’s business by proving that the Legislature holds contract rights in complete contempt.1,000-foot-tall 'mega tsunami' threatens to sweep away these three regions in the US, experts warnExotic dancer 'The Punisher' testifies he was hired for up to 12 'freak-offs' for naked Diddy wearing Islamic face covering
Co-Ops Editorial Kathy Hochul Leases Legislature Manhattan New York State Assembly New York State Senate Rent Control
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