Tag: housing

  • Hochul faces an ‘uprising’ over her plan to build new housing in NYC suburbs

    Hochul faces an ‘uprising’ over her plan to build new housing in NYC suburbs

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    “You would see a suburban uprising, the likes of which you’ve never seen before, if the state tried to impose land-use regulations on communities that have had local control for over a 100 years,” Bruce Blakeman, the Republican county executive in Nassau County, said in an interview.

    Voters on Long Island and in much of the Hudson Valley went overwhelmingly for Republicans in the midterms, putting Rep. Lee Zeldin within striking distance of the Democratic governor and losing her party multiple seats in the House.

    But Hochul seems undaunted by the political risk, arguing the suburbs have failed to do their part to add housing supply, with a “potentially catastrophic” impact on the state’s ability to compete for jobs and residents.

    Her plan would compel every municipality to grow their housing stock and require those downstate to allow more housing near rail stations, contributing to her goal of reaching 800,000 new homes over the next decade. Similar efforts have been tried in other states, including Massachusetts and California, to varying results, while pitting bucolic suburbs against the needs of pricey metro areas.

    “The whole objective is so families can stay in New York, kids can raise their own families where they grew up, employers don’t have to worry about whether or not there’s going to be employees in a community because they’ll have a place to live,” Hochul told state lawmakers Feb. 1 as she outlined her proposed budget.

    Even some Democrats are concerned that Hochul’s initiative goes too far and could have political ramifications. The governor is looking to get it approved by the Democratic-led Legislature as part of a budget deal for the fiscal year that starts April 1.

    “There’s a lot of resentment when the state or a regional entity tries to come in and tell people how they should make their communities. It’s not a winning strategy,” said Laura Curran, the former Democratic Nassau County executive who was defeated by Blakeman in 2021.

    A push for new housing in New York

    Hochul, who took over the governor’s office in 2021 after Andrew Cuomo resigned, has faced similar backlash before. A year ago, she sought to legalize apartments on single-family lots — meeting immediate opposition from politicians in the suburbs. With an eye toward her upcoming election, Hochul swiftly abandoned the proposal.

    Her rhetoric since November, however — including a keynote speech at a housing group’s annual luncheon, and her own State of the State address in January — suggests that she’s not afraid of the impending fight.

    “We’ve failed so far. No longer is failure an option,” she said this month.

    There could be political consequences for the governor proposing such a controversial measure after Democrats lost all four House seats on Long Island and three in the Hudson Valley, Curran and others said. The losses were in sharp contrast to what happened elsewhere, with Democrats bucking expectations in other states to hold the Senate and keep GOP control of the House to 10 seats. Hochul won by just six points, the closest New York governor’s race since 1994.

    “I am concerned if this is done in a clumsy way that it will continue to hurt Democrats in the suburbs,” Curran said. “It will be one in the long litany of reasons why people are mad at Democrats right now in New York.”

    Republicans are already pouncing. Zeldin was in Albany on Monday to rip the proposal, calling it “Hochul control, not local control.”

    “The idea that you’re just going to micromanage all of that up in Albany is making a lot of New Yorkers in these communities feel like they’re being deliberately targeted because of how last year’s election turned out,” he told reporters.

    Republicans and Democrats questioned Hochul’s political calculus, with some wondering whether she has written off Long Island as entirely lost to Republicans. One Democratic consultant, who requested anonymity to speak freely about the governor, contended Hochul wouldn’t have pursued the measure if there were more Democratic legislators from the area.

    “She ignores what’s going on on the ground on Long Island to her own peril,” said Chapin Fay, a Republican consultant. “It’s a very important part of the statewide puzzle.”

    Slow housing growth in New York’s suburbs

    Hochul is pleading with local leaders to embrace her housing push for the greater good, saying it still gives towns and villages flexibility in how they choose to meet her goals.

    New York had the largest population loss in the nation last year, according to Census data, which the governor has attributed to housing unaffordability. Her administration argues the suburbs are not immune to strains on the housing market — a point echoed by housing and business groups and even some local leaders opposed to the scale of the push.

    “When you talk to people in the Hudson Valley, if you talk to people in Nassau and Suffolk, the number one issue people have is the housing affordability,” RuthAnne Visnauskas, the state housing commissioner, said in an interview. “Part of quality of life is having availability of housing, having choice in where you live.”

    New York is unusual in how much leeway it gives local governments to resist new housing. A 2020 report from New York University characterized the state as “stand[ing] nearly alone” among its peers in how much power suburban leaders have had to restrict growth. Nearly every similar state — Massachusetts, Connecticut, New Jersey, Pennsylvania, Illinois, California, Oregon, Washington and Florida — “have adopted state-level reforms to promote housing development in high-cost suburban areas.”

    Visnauskas said Hochul’s approach was driven in part by seeing other states that initially tried an incentive-based approach to spur housing shifting towards mandates because the earlier policies were failing.

    She has dismissed the political risk.

    “There’s a housing crisis, it’s in New York City, it’s in the suburbs, and we need a solution,” she told reporters. “And if it isn’t this one, then what is it? There has to be some solution to it or else we’re going to get 10 years down the road and New York City and its suburbs are going to be a place where only millionaires and billionaires can live.”

    Hochul faces challenges with housing plan

    Hochul’s effort is being celebrated by housing groups who have long called for New York to pursue the kind of substantive state action seen in other parts of the country — and implement it in a way that includes sticks and carrots.

    The suburbs have “lost credibility” to produce enough housing without a state mandate, said Andrew Fine, policy director of the group Open New York, which is part of a coalition of housing, transit and climate groups formed to support the governor’s plan.

    Proponents point to projects like Matinecock Court, which was first proposed in affluent Huntington on Long Island in 1978, but after multiple legal fights is just now starting development.

    “For our region, not being able to provide diverse housing options makes it much more difficult to attract and retain a young vibrant workforce,” said Kyle Strober, executive director of the Association for a Better Long Island. “The lack of housing on Long Island is a dire economic issue.”

    Hochul said in January the state has produced just 400,000 new homes over the last decade, while adding 1.2 million new jobs.

    Her proposal would impose a 3 percent growth target for New York City and surrounding suburbs to be met every three years. By comparison, over the last three years, Long Island increased its housing stock by just 0.6 percent, while the lower Hudson Valley grew by 1.7 percent.

    If the targets aren’t met or new zoning changes aren’t made, a state appeals process would allow certain projects to circumvent local zoning restrictions. Another measure would require municipalities to permit a minimum level of housing density within a half mile of train stations.

    Fierce pushback from local officials

    The hamlet of Manhasset, in one of the wealthiest parts of Nassau County, is about a 30-minute train ride from Midtown Manhattan. A quaint downtown area surrounding the local Long Island Rail Road station has scarcely a building above two stories.

    It’s also home to the town hall of North Hempstead. Local leaders have not made it easy to make changes to area building rules, to put it mildly: The Board of Zoning Appeals recently mulled whether to grant a variance for an air conditioning unit that was located too close to the street and “not properly screened from view.”

    North Hempstead supervisor Jennifer DeSena, a registered Democrat who ran as a Republican, said the governor’s proposed requirements “sounds like a parent talking to a teenager.” Residents, she said, are “concerned about losing the quality of life they paid for.”

    Republican Donald Clavin, the supervisor of neighboring Hempstead, meanwhile, said his constituents “don’t need bureaucrats in Albany telling them how they’re going to live.”

    Hochul’s proposal left some Long Island political strategists perplexed.

    “There’s hardly a word that you can poll that polls worse on Long Island than state mandates,” said Michael Dawidziak, who is based in Suffolk County and has worked with both Republicans and Democrats. “To me, this is not good politics for the governor.”

    Asked whether she’s targeting Long Island for political reasons through her housing proposal, Hochul said this month she’s “guided by what is best for New Yorkers.”

    “Just so all New Yorkers understand, nothing I do in a budget is driven by politics, elections, outcomes,” Hochul told reporters.

    State Sen. Kevin Thomas, one of two remaining Democrats representing Long Island in the chamber, cited a “great need for housing out in the suburbs” and expressed openness to Hochul’s proposal, but still raised concerns around the prospect of overriding local zoning.

    “Out on Long Island, we pride ourselves on our autonomous villages and towns, so to say, ‘Hey, the state should come in and override what they want,’ is a bit problematic,” he said in an interview.

    Westchester County Executive George Latimer, a Democrat, said the county needs housing and sees a willingness there to support development. But he, too, expressed reservations about the prospect of overriding local rules.

    “I’d rather not override zoning,” Latimer, a former state senator, said. “But I think it’s important to disconnect the narrative that exists out there, which is, the city wants to develop housing and the suburbs don’t. The suburbs are not monolithic.”

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    #Hochul #faces #uprising #plan #build #housing #NYC #suburbs
    ( With inputs from : www.politico.com )

  • JK Bank Housing Loan Scheme Check Eligibility

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    Purchase/Construction:

    Primary:

    Purchase/Construction:

    • Equitable/ Registered Mortgage of house property/flat to be constructed/ purchased.  (House property to include land underneath & appurtenant thereto in case independent house only).
    • The title of the property must be clear, marketable and free from encumbrance.
    • Where  mortgage  of     house  /flat  cannot  be   created immediately and / or possession of house / flat is not given in situations like house/flat or under construction house / flat or to be constructed house/ flat  is being purchased/ from   the   Housing   Board/        Co-operative   Society   / Development  Authority/  Construction  Company/  Builder and   title/conveyance   deed   is   executed   in   favour   of purchaser   only   after    completion   of   full   or   partial construction after  purchaser making full payment of the cost   of   house/flat,      a   tripartite   agreement   shall   be executed  amongst  the

    1)  Housing  Board/  Development authority  /  Co-operative Society/ Construction Company/ Builder,
    2)  The Borrower and
    3) The Bank   wherein the Housing   Board/  Development  Authority  /  Co-operative Society/  Construction Company/ Builder undertakes that the  title   to  house/  flat     shall  be  transferred  to  the Borrower     immediately    on    receipt    of    entire    sale consideration and the Bank’s lien shall also be marked in their/ his records, thereafter to be followed by execution of mortgage deed in favour of the Bank once the project has been completed and Sale Deed (Deed of apartment/Conveyance Deed   in case of Flats) has been executed. Charge to be registered in favour of the Bank with the    concerned    authorities.    Besides    tripartite agreement an affidavit cum undertaking from the Housing Board/ Development Authority / Co-operative Society/ Construction Company/ Builder to the effect that the construction shall be as per the sanctioned plan & building bye laws, to be obtained.

    Repairs/Additions/Alterations/Extension of existing houses:

    • Equitable/ Registered Mortgage of house property/flat to be repaired / renovated.  (House property to include land underneath & appurtenant thereto in case independent house only).

    Collateral:

    • No collateral security /3rd  party guarantee is required in all cases except in case of following:
      • Pensioners- guarantee of spouse / Legal Heir(s), who is / are entitled for family pension.
      • NRIs- 3rd party guarantee of two resident Indians of sufficient means to cover the liability apart  from the other securities shall be obtained.
      • Loans upto Rs.5.00 lacs (Rs.10.00 lacs in case of employees Goverenment of UT of J & K and UT of Ladakh) to be granted for the purpose of repairs/ additions/alterations /extension of existing houses, where the mortgage of the house property is not taken as security.

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    #Bank #Housing #Loan #Scheme #Check #Eligibility

    ( With inputs from : kashmirpublication.in )

  • Mayors: Affordable housing demand is crushing us

    Mayors: Affordable housing demand is crushing us

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    In Richmond, everything from “parasitic” capital investors making below-value cash offers to a lack of adequate care for acquired property has ruined swaths of his city, Democratic Mayor Levar Stoney said during a panel discussion at the conference, particularly in low-income and historically Black areas.

    Stoney and other local leaders also blamed short-term rental markets, house flippers and corporate investors as detractors in struggling housing markets. He called for mayors to establish a new working group to convene on pilot programs and initiatives.

    “Mayors cannot address this problem alone. We need to work together with all levels of government, private corporations, landlords, tenants and community organizations,” Stoney said. “Housing is a vaccine for poverty, and home ownership is one of the fundamental ways for families to build generational wealth.”

    Albuquerque Mayor Tim Keller sought to offer a Western perspective, hailing from a city that didn’t face a housing shortage until a few years ago. “All of a sudden, people want to move to Albuquerque,” he said, which created a 30,000-unit-wide gap. Cheap housing from the 1960s and 1970s, as well as dilapidated apartments and hotels, worsened the issue, added Keller, who has led the city since 2017.

    The city is considering whether to convert some old buildings, particularly hotels and commercial areas, into condos or apartments to make them renter-friendly. Keller said the next four months will decide the physical future of the city’s housing situation.

    “We’ve got to understand the big picture, but also the details. … The problem in our city is our zoning code,” Keller said. “We zoned our entire city for single-family dwellings, and it is destroying Albuquerque. It will hollow us out.”

    This year, several state legislatures have proposed widely different solutions to their individual housing problems and needs. In Washington state, a bill in the Senate would increase the amount of single-family detached housing options, while a bill in the state House aims to address the shortage by issuing up to $4 billion in general obligation bonds and give loans to some organizations that develop low-income housing.

    Other chambers in states like Virginia, Washington and Connecticut have introduced measures that would strengthen protections for tenants against landlords on issues like rent increases and document translation in attempts to prevent unfair evictions. Many have also adopted stronger regulations on short-term rentals, cracking down on out-of-state property managers and adding new regulations like license requirements.

    Biden administration officials sought to highlight what kinds of relief mayors could tap to quell their housing struggles.

    Marion McFadden, principal deputy assistant secretary of community planning and development at HUD, touted a federal loan guarantee program that provides grants for low-cost and flexible housing. She also listed new funding sources, including $75 million in permanent supportive housing construction and $225 million in new money for manufactured housing communities.

    But some mayors in the audience expressed irritation with funneling grant money through the state coffers instead of going directly to local leaders themselves.

    “A lot of us are frustrated. We need more funds to go directly to local government,” Frank Cownie, the Democratic mayor of Des Moines, Iowa, said to a flurry of applause, citing concerns with how the state had doled out federal funding in the past. Other mayors in the room concurred, with one adding that small cities seem to receive even less attention and financial support.

    HUD panelists responded by reiterating current federal funding, including the 2021 HOME American Rescue Plan program, a one-time infusion of affordable housing and preservation money.

    “This is still low on every policymaker’s radar,” Keller, the Albuquerque mayor, said. “We are trying to push it at the state level, we are trying to let our federal delegation know about this, and we’re trying to let everyday citizens know we have to do something about housing or we’re going to lose our city to the suburbs.”

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    #Mayors #Affordable #housing #demand #crushing
    ( With inputs from : www.politico.com )

  • White House prepares new tenant protections, alarming housing industry

    White House prepares new tenant protections, alarming housing industry

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    The industry is bracing for “some pretty intense regulation,” said Jerry Howard, CEO of the National Association of Home Builders, whose members include landlords. “They need to be very cautious about what they’re doing,” said Howard, who was one of a handful of industry representatives at a November White House meeting on tenant protections. “There’s a real chance of creating a problem that doesn’t exist.”

    With a possible recession looming, the Biden administration will be looking for ways to provide relief to cash-strapped Americans suffering from a higher cost of living. Since the U.S. House is now under Republican control, the kind of sweeping economic legislation enacted during the last two years is off the table.

    Democratic lawmakers including Sen. Elizabeth Warren (D-Mass.), are leaning on the administration to go big by curbing rent increases at millions of units in properties with government-backed mortgages – a long-shot move the White House is not seriously weighing, according to a person with knowledge of the discussions.

    “People can’t afford to live,” said Rep. Jamaal Bowman (D-N.Y.), who spearheaded a letter last week with Warren calling on President Joe Biden to issue an executive action limiting rent hikes in properties backed by the Department of Housing and Urban Development or Fannie Mae and Freddie Mac, the government-controlled mortgage financiers. “We want to push the president as far as possible to lighten the burden of rent on everyday people.”

    Democrats want the administration to enact new restrictions on rent hikes and punish landlords they accuse of price-gouging — “not just principles, not just guidelines, but what can the president do through executive action to lighten the burden on people and put more money in their pockets,” Bowman said in an interview.

    The White House declined to comment on the specifics of potential new regulations, pointing to a statement it released last week in response to the letter from Democrats.

    “We are exploring a broad set of administrative actions that further our commitment to ensuring a fair and affordable market for renters across the nation,” spokesperson Robyn Patterson said. “We look forward to continuing to work with lawmakers to strengthen tenant protections and improve rental affordability.”

    While rent is still driving up overall inflation — thanks in part to a data lag in the official inflation gauge — the national median rent has fallen for four straight months, according to the latest data from Apartment List. New lease demand plummeted in the second half of 2022, when the net demand for apartments fell into negative territory for the first time since 2009, according to an analysis by RealPage Market Analytics.

    “Complicating this process isn’t good at any time in the market cycle,” said Greg Brown, senior vice president of government affairs at the National Apartment Association. “But we’re in the fourth straight month of rent declines. I think things are adjusting again, so it does raise the question, are they responding to a situation of three to four months ago, not what is currently happening or will be happening in the near future?”

    The association and 10 other industry groups urged Biden to resist pressure to lay new federal requirements on top of existing regulations and said that doing so would “further exacerbate affordability challenges,” in a letter last month.

    Even as demand eases, the market is about to see a surge in supply – portending additional price cuts. More apartment units are currently under construction than at any point since 1970.

    “A lot of rental supply is going to be completing in 2023 — we’re going to see more completions than we have in 40-plus years,” said Jay Parsons, chief economist at RealPage, a property management software provider. “The balance of power really has shifted toward renters — they’re going to have more options, more competitive pricing and better deals.”

    Bowman and tenant advocates argue that modest declines in rents – the national median fell 0.8 percent in December – barely make a dent in tenants’ expenses after the eye-popping gains of the last few years.

    Even after falling from its July peak, the median asking price in November was still 20.9 percent higher than it was at the same time in 2019, before the pandemic struck, according to the latest monthly rent report from Realtor.com. About 53 percent of tenants said their rent had increased by more than $100 per month over the last year, according to the latest Household Pulse survey by the Census Bureau.

    Rent was increasing even before Covid, Bowman said, adding that many of his constituents spend over half their income on housing.

    “The cooling effect in the market isn’t meaningfully changing conditions for tenants,” said Tara Raghuveer, director of the Homes Guarantee campaign at People’s Action. Raghuveer also attended the November White House meeting.

    “The rent is still too damn high,” she said.

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    #White #House #prepares #tenant #protections #alarming #housing #industry
    ( With inputs from : www.politico.com )