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Four Class Actions Allege Rent Overcharge Chicanery
On Oct. 29, 2020, Newman Ferrara LLP, a Manhattan real-estate firm, filed four separate class-action lawsuits — on behalf of tenants living at 180 Franklin Avenue, 670 Pacific Street, 1209 Dekalb Avenue, and 3052 Brighton First Street, in Brooklyn, New York — highlighting three different maneuvers landlords used to evade the requirements of a tax-abatement program, commonly known as "421-a,"and the Housing Stability and Tenant Protection Act (HSTPA).
In 1971, Real Property Tax Law §421-a was enacted by the New York State Legislature to offer developers tax incentives for constructing new, market-rate, multi-family rental housing. In exchange for those credits, owners are required to provide their tenants with the protections of rent regulation, even if the apartments would otherwise be exempt. (This requirement has been modified under the "Affordable New York Housing Program" amendments to the 421-a program.) New York City's Rent Stabilization Law (RSL), and the Rent Stabilization Code (RSC), limit the amount of rent that NYC landlords can charge, and circumscribe the manner in which landlords are able to raise rents. To secure future percentage-based increases, participating landlords in newly constructed buildings must first establish an initial legal regulated rent for each unit and must register the "initial adjusted monthly rent charged and paid," with the New York State Division of Housing and Community Renewal (DHCR). See, RSL §26-517(a)(4) and RSC §2521.1(g).
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The Article 8 Opt In
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
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With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.