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Letitia James, New York City public advocate NEW YORK CITY—The Alliance for Downtown Manhattan yesterday released its annual real estate year in review. The report concluded Lower Manhattan enjoyed a banner year in 2017 with a 16-year high in private sector employment with 242,000 jobs, and the highest level of commercial leasing since 2014. John Jordan will have a complete GlobeSt.com report on the study’s findings in our afternoon online posting.
In addition, the MNS Manhattan rental market report for Jan. 2018 recorded the most expensive non-doorman, studio, one- and two-bedroom apartments were in the Financial District and TriBeca, ranging in average from $3,261 to $7,788 for monthly rents. Manhattan’s most expensive doorman studio, one- and two-bedroom properties were all in SoHo, ranging in average from $4,398 to $8,519.
In this economic context, what should be the policies in rent regulation of the housing stock in Downtown Manhattan?
The New York State Real Property Tax Law section 421-g was enacted in 1995. Letitia James, the city’s public advocate noted this was to revitalize Lower Manhattan. At the time nearly 25% of the district’s building space lay vacant. With tax abatements, energy rebates, and financial incentives, the city helped developers convert commercial buildings into apartments subject to rent stabilization.
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