Real Estate and Housing (Residential)

Subterms

    Latest story

    150 Shares47 Views

    NYC Panel Approves Rent Increases, a Key Issue for Mamdani and Adams

    by

    Mayor Eric Adams, who appointed the Rent Guidelines Board, has attacked Zohran Mamdani’s pledge to freeze the rent if he becomes mayor.The Rent Guidelines Board approved increases of at least 3 percent for New York City’s one million rent-stabilized apartments, rejecting the call for a rent freeze that helped Assemblyman Zohran Mamdani surge to the lead in the Democratic mayoral primary last week.Mayor Eric Adams, who appointed the members of the board, has supported rent increases for rent-stabilized apartments every year since he took office. Mr. Mamdani, likely to be the Democratic nominee facing him in the general election in November, has promised not to do the same if he becomes mayor.As the city faces linked affordability and housing crises, the contrast between Mr. Mamdani and Mr. Adams added a new layer of tension to the board’s decision.On Monday night, the board, in a 5-to-4 vote, approved 3 percent increases for one-year leases and 4.5 percent increases for two-year leases. The votes against the increases came from the two members on the board representing landlords, who had wanted higher increases, and the two members representing tenants, who wanted a rent freeze.Any increases would apply to leases beginning in or after October.As in past years, the discourse around the vote reflects the rift between pro-renter and pro-landlord political interests in New York City. At the meeting on Monday, held in a theater at El Museo del Barrio in East Harlem, renters and tenant advocates chanted “Freeze the rent” and waved colorful signs that read “Stop real estate greed” and “Tenants vote.”But the board’s decision is also providing an opportunity for Mr. Mamdani and Mr. Adams to distinguish themselves from each other at a time when making the city a more affordable place to live is a key issue driving the election.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 163 Shares106 Views

      in Elections

      Palm Beach, Never Richer, Is a Draw for Young MAGA. Locals Aren’t Pleased.

      by

      Donald Trump’s presidency has turned this Florida island into the nightlife headquarters of MAGA, but the town’s old guard — much of it Republican — doesn’t love the new vibe.There are no star maps on Palm Beach, and many of its biggest estates are hidden behind elaborate landscaping. To learn what belongs to whom, and how much it cost, a guide is needed, and Dana Koch, who has been selling real estate here for 22 years, knows the area cold. He’s a veteran docent in a zoo where the creatures are billionaires and it’s difficult to see the cages.“Howard and Beth Stern live here,” he said, pointing to a gate flanked by shrubbery. “This whole place, he paid about $50 million for it years ago. Now it’s worth $200 million.”On it goes, an inventory of rich and famous people, a patter that rambles along, like Mr. Koch’s car, at about 10 miles an hour. Jon Bon Jovi lives there. That’s where Roger Ailes slipped in the shower and died. William Lauder built this, after buying Rush Limbaugh’s place for $155 million and tearing it down.Some homes are identified by job (N.F.L. owner, sugar magnate) others by names, (Dr. Oz, Tom Ford, Charles Schwab). That lot once belonged to Jeffrey Epstein, whose place was razed. A new house is under construction, and the owners, Mr. Koch speculates, are going to apply for a new address.After the election last year, in one week alone, $100 million of residential real estate was sold in Palm Beach.Martina Tuaty for The New York TimesThese have been busy months for Mr. Koch, 52, who is not related to the famous Republican donors. (“Same name, different bank account.”) Palm Beach is, of course, home to President Trump’s private club, Mar-a-Lago. After the election in November, there was a “Trump bump,” with $100 million worth of property on Palm Beach going under contract in the span of a week. Late last year, the Fox News host Sean Hannity purchased a $23.5 million mansion in nearby Manalapan, then spent $14.9 million on an oceanfront townhouse in Palm Beach in January. (He’d previously spent $5.3 million for a townhouse here in 2021.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares99 Views

      in Elections

      A Way for People With Low Credit Scores to Raise Them

      by

      A new study finds that tenants who pay their rent on time can see “significant increases” if the payments are reported to credit bureaus.People who pay their rent on time can establish credit scores or significantly raise low scores if the payments are reported to credit bureaus, new research found.A study published this month by the Urban Institute, a think tank in Washington, D.C., looked at two groups of tenants recruited in 2021 and 2022. The members of one group began having their rent payments reported to credit bureaus immediately after signing up to participate in a program offered by their properties. The members of the other group had their rent reporting delayed by four months.The study found that rent reporting leads to “large, statistically significant increases” in the likelihood of having a score and of having at least a “near prime” score — a minimum of 601 on a scale of 300 to 850.The research was the first rigorous, randomized study of “positive” rent reporting, said Brett Theodos, a senior fellow at the institute and an author of the study, which enrolled 269 participants in affordable housing programs in five states and Washington. In positive rent reporting, only payments made on time are supplied to credit bureaus.The study used VantageScore, a competitor to the widely used FICO score. VantageScore, which uses a scale similar to FICO’s but assigns different weights to certain factors, was founded by the three big credit bureaus: TransUnion, Equifax and Experian.Still, some consumer advocates remain wary of rent reporting, saying it may pose risks to vulnerable renters.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares146 Views

      in Elections

      Ex-Yankee Is Awarded About $500,000 in Damages for Moldy Greenwich Mansion

      by

      Josh Donaldson, a former American League Most Valuable Player with Toronto, sued his former landlord over the conditions at his $55,000-a-month rental property.A Connecticut jury on Wednesday awarded the former New York Yankees third baseman Josh Donaldson damages that are expected to top $500,000 from the ex-landlord of his $55,000-a-month Greenwich, Conn., rental mansion, which he complained was plagued by mold and squirrels.Mr. Donaldson, 39, terminated the lease about six weeks after moving into the five-bedroom, 4,800-square-foot home in April 2022 with his now-wife, Briana, who was pregnant at the time, and their 17-month-old daughter.In a federal lawsuit filed in Connecticut in June 2022, the now-retired baseball player accused the home’s owner, Bill Grous, of breach of contract and said that the rental in Greenwich’s backcountry section was a money pit.The neighborhood, sought after for its sprawling estates and privacy, is a magnet for professional athletes, other celebrities and financiers.Mr. Donaldson, a former American League Most Valuable Player with the Toronto Blue Jays in 2015, moved into the mansion a few weeks after being traded to the Yankees from the Minnesota Twins.His two seasons in New York were rocky. Mr. Donaldson struggled to replicate his success and was suspended by Major League Baseball in May 2022 for one game for repeatedly calling Tim Anderson, who is Black and was a shortstop for the Chicago White Sox at the time, “Jackie,” a reference to Jackie Robinson. In August 2023, Mr. Donaldson was released by the Yankees.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares109 Views

      in Elections

      The House Next Door Has Black Mold. Do I Tell Potential Tenants?

      by

      The issue was serious enough to cause health issues for the previous residents.My wife and I live in a neighborhood of single-family homes, most of which are owner-occupied. The home next door, however, is rented out by an absentee landlord. We became friendly with the previous tenants, who moved out very abruptly a couple of weeks ago. We learned from them that the house is infested with black mold, as identified by a professional testing company, and they shared the results with us. The mold issue was serious enough to cause health issues for the previous tenants. To our knowledge, the landlord has done nothing to mitigate this issue, and now he has listed the house for rent again. Our concern is that we’ve seen families with small children looking at the house. We believe that we might be in legal jeopardy if we were to inform prospective tenants about the mold issue, but what is our moral obligation? — Name WithheldFrom the Ethicist:In the late 1990s, Stachybotrys chartarum — sometimes dubbed “toxic black mold” — became the subject of national alarm, with news stories linking it to devastating health effects. Much of that panic was later walked back after scientific review. Still, people with allergies can experience a stuffy or runny nose and the like from mold exposure, while for people with asthma, compromised immune systems or simply bad luck, mold exposure can be genuinely harmful. In children, mold exposure has been associated with an increased risk of developing asthma. In every state, a landlord implicitly promises that a rental property is habitable. What counts as “habitable” varies by jurisdiction, but a serious mold problem most likely violates that standard.If the previous tenants shared their testing results with you, try to get a copy, if you haven’t already. You’ll want to satisfy to yourself, too, that the company doing the mold inspection is on the up-and-up; notoriously, there can be a conflict of interest when the people doing the inspections are also in the remediation business. (“In most cases, if visible mold growth is present, sampling is unnecessary,” the E.P.A. advises, while the C.D.C. flatly says that it “does not recommend mold testing,” noting that “there are no set standards for what is and what is not an acceptable quantity of different kinds of mold in a home.”) Assuming the problem has been correctly identified, you might write the landlord, asking whether the issue has been addressed, and sharing your health concerns.If you’re convinced that the danger remains, you could share the documentation with the agent listing this rental property. Realtors have their own ethical and legal obligations: If they believe the home is uninhabitable, they can’t simply let tenants assume the risk. And they’re unlikely to want to expose themselves to legal jeopardy for concealing a defect. (Disclosing facts shouldn’t expose you to legal jeopardy, but that’s a question for a lawyer.)You’re not under a moral obligation to act, and you wouldn’t be wrong to stay out of it. But this is the kind of gesture that, when well-informed, can make the world a little better. If a child were to suffer because no one spoke up, you might wish you had said something. If you were the one about to move in, you would want to know. A decent society depends, in part, on people who choose to help when they don’t strictly have to.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares156 Views

      in Elections

      The Abundance Agenda Has Its Own Theory of Power

      by

      I have had a fascinating few months. “Abundance,” the book I wrote with Derek Thompson, is either going to save the Democratic Party or destroy it. You think I’m kidding. Here’s The Wall Street Journal’s headline: “Can the ‘Abundance Agenda’ Save the Democrats?” Here’s The Nation: “Why the ‘Abundance Agenda’ Could Sink the Democratic Party.” The Atlantic placed the book at the center of “the coming Democratic civil war.”Before “Abundance” came out, I worried that its argument would be too agreeable to generate much debate. I didn’t foresee Ragnarok.But I was wrong about who would perceive it as a threat. The book is largely a critique of how Democrats have governed in the places where they’ve held power. But the obvious targets of that critique — blue-state governors like Gavin Newsom and Kathy Hochul and top Obama and Biden administration officials — have largely embraced it. Maura Healy, the governor of Massachusetts, laid out a plan for “housing abundance.” More than one top Democrat I expected to react defensively to the argument told me that they felt that they could have written it.This is, for Democrats, a liquid moment. The party is reimagining itself after its crushing loss in 2024, and a lot is riding on which critiques are woven into its renewal. And so the backlash to the book has come from a faction of the party that saw itself rising within the wreckage and worries that “Abundance” will derail its ascendance: the anti-corporate populists.“Abundance” is an effort to focus more of American politics on a surprisingly neglected question: What do we need more of, and what is stopping us from getting it? It is that focus that some of my friends on the populist left object to. Zephyr Teachout, a Fordham law professor who’s a central figure on the anti-monopolist left, told me that her problem with “Abundance” wasn’t the policies but the central question: “We should be focusing Democratic politics and politics in general on the problem of concentrated power and the way in which concentrated power is making it impossible to do things.”Demand Progress, a leftist advocacy group, went so far as to commission a poll to see which message appealed to more voters. Voters were asked to choose between the two framings of “the big problem” in American life: Was it “‘bottlenecks’ that make it harder to produce housing, expand energy production or build new roads and bridges” or rather that “big corporations have way too much power over our economy and our government.” Unsurprisingly, the latter won.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 75 Shares189 Views

      in Elections

      What Does Ultra Wealth Look Like?

      by

      In HBO’s “Mountainhead,” the “Succession” creator Jesse Armstrong uses subtle status symbols — and a secluded $65 million ski chalet — to convey hierarchy among the 0.001 percent.When Paul Eskenazi, the location manager for “Mountainhead,” a new film from the “Succession” showrunner Jesse Armstrong, set out to find a house to serve as the primary setting for this satire about a group of ultrarich tech bros, he needed a very specific kind of extravagance. In the same way that “Succession,” which Eskenazi also worked on, reveled in “quiet luxury,” “Mountainhead” needed its moneyed protagonists to be living large but without flamboyance. Its characters are too wealthy for mere McMansions, and not any private residence would do.Portraying how the ultrawealthy really live — with all their subtle signals and status cues — has become something of a specialty for Armstrong and Eskenazi. It’s about not just private jets and sprawling homes, but the quiet hierarchies within the top 1 percent. There’s a pecking order between the 0.01 percent and the 0.001 percent, the kind of distinction that insiders equate to owning a Gulfstream G450 versus a Gulfstream G700.From left, Cory Michael Smith, Steve Carell, Jason Schwartzman and Ramy Youssef in “Mountainhead.”Courtesy of HBOWhen Eskenazi found a lavish, 21,000-square-foot ski chalet built into a hill of Deer Valley in Utah, he knew it was the right fit — not because it was so large and impressive, though it’s certainly both, but because its extravagance had a subtlety that made it almost understated.“There’s a kind of quiet wealthy embedded in that location that doesn’t necessarily scream at you. It reveals itself slowly,” Eskenazi said, pointing out that it has a private gondola with direct access to a nearby ski resort. “It’s not flashy, but it’s deeply exclusive — the kind of feature that signals a level of access and control money affords without ever needing to show off.”“Mountainhead” is a tightly wound satirical chamber drama about four rich friends in tech who gather for a weekend of carousing while the world is plunged into chaos. There’s Venis (Cory Michael Smith), the founder of a Twitter-like app whose new A.I. creator tools have triggered a tidal wave of online disinformation; Jeff (Ramy Youssef), whose content-moderation software holds the key to resolving global strife; Randall (Steve Carrell), an elder plutocrat with a philosophical bent; and Hugo (Jason Schwartzman), whose meager $500 million net worth has earned him the nickname “Soups,” for “soup kitchen.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 175 Shares139 Views

      in Elections

      Are You a European in a Housing Crunch? We Want to Hear From You.

      by

      To help us report on the housing crisis in Europe, we want to learn about the housing pressures you are dealing with, how they are affecting your community and how they are being solved.Nearly every European country is struggling with a housing crisis. A surge in home prices that started a decade ago has been accelerating as vacation rentals, real estate speculation and a shortage of home building have put the goal of affordable housing out of reach for many.Nearly 45 million people, or a tenth of European Union residents, spend more than 40 percent of their income on housing. Cities from Barcelona to Berlin are working to combat the problem, which has spread beyond urban areas. Throughout the year, I will be talking to residents, activists, developers and government officials in cities throughout Europe to explore why the crisis is so tough to beat, what solutions are being tested and what people want to see done.I’ll read every response to this questionnaire and reach out to you if I’m interested in learning more. I won’t publish any part of your response without contacting you first. And I won’t share your contact information outside The New York Times newsroom or use it for any reason other than to get in touch with you. More

    • 163 Shares169 Views

      in Elections

      L.A. Fire Victims Move Away From Altadena and Pacific Palisades to Start Over

      by

      In the aftermath of the Los Angeles fires that destroyed thousands of homes and properties, many fire victims moved far away from Altadena and Pacific Palisades in a sudden diaspora that upended the two tight-knit communities in ways beyond the initial loss of property.Residents now living in rentals, with expenses that have ballooned, expressed frustration with school transfers, longer commutes to work and the overnight disappearance of yearslong relationships with their neighbors.Of those who had to move, more than half ended up in neighborhoods at least a half-hour’s drive away, according to more than 3,500 change of address records analyzed by The New York Times. A quarter left the Los Angeles metro area entirely, and most ended up living somewhere with higher population density than their original neighborhood. While the data doesn’t include every displaced person, the results provide a clearer picture of where the victims settled after several fires erupted amid high Santa Ana winds across Los Angeles in early January. More