As I said in the previous article; the housing situation in New York is a never-ending story. Proof of that, the following articles that came to my attention as I was about to launch the book.
After reading these articles I felt it was important to include them in the book. I leave it to you to respond, react or whatever to these articles but do not ignore them. Everything I have written about is happening in real-time and will affect you or a loved one sooner or later.
The Gentrification Affect
The following article is from the New York Daily News Guest Opinion section. It covers the good and bad of gentrification. As much as I hate to admit it the writer has some good points.
My Opinion
Excerpt: However, it seems to me that gentrification does not have to be a winner take all thing. Instead, it needs to be a blend of things. People moving into neighborhoods should not go there with the expectation of changing the area to suit their particular needs. Instead, they should embrace the area for their cultural difference. They need to become a positive part of the community; nurturing it not destroying it.
I.e. Do not increase the cost of rents and other items to the point that the long time residences can no longer afford to live there.
Easier said…
Unfortunately, preventing this is next to impossible. Owners, both commercial and residential become victims of the greed factor. They see gentrification as a means to an end. Raising rents that only the more affluent can afford. Kicking out the store owners and tenants that sustained them in lesser times.
Equally difficult; changing the rental mindset of these newcomers. This group needs to refuse to pay high rents. And don’t get me started on the bidding wars for apartments.
This would be the first step in reducing the crippling effect of gentrification. More, of course, would need to be done but this would be a major step.
What’s your opinion? Read the article and leave your opinion on our website.
What is 421-a and why is it so important?
In my article on affordable rents The Redefining of Affordable Rents… I spoke about incentives given to developers so they will include affordable apartments in their buildings. Well, that program expired on 1/15/17.
Gov. Cuomo is moving to re-instate this program with a few changes. Bottom line, any change that does not make the program permanent is just a temporary fix to the affordable housing problem. But don’t take my word for it read both articles below especially the one detailing the 421-a program.
A better way has to be found to bring about and keep affordable apartments. And most importantly it has to be long term like 100 years long.
Again I invite you to express your opinion on our website.
421a is Back
421a is back. The following links will take you to sites that will help you understand tax exemption in the real estate market.
Go to this site to learn about the 421a Tax Abatement and other abatements offered by the city.
Street Easy: 421.a Tax Abatement and More
Go to this site to see properties on the NYC 421a Exemption List
Before 421a came back
Read: Gov. Cuomo offers tax incentives in new affordable housing proposal for low-income New Yorkers
Read Everything You Need to Know About NYC’s 421-a Tax Program, Poised to Expire Today
Disclaimer: I am not a lawyer and nothing stated here is legal advice. This article applies to the five boroughs of New York. All information deemed accurate but not guaranteed. Always check the real estate laws in your part of the country.
Comments, Questions, Suggestions?
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