Friday, March 12, 2010

The Real Estate Board of New York asks New Yorkers to help build a new subway station



In 2005, the New York City Council approved the rezoning of Hudson Yards, in hope of transforming Hudson Yards into a vibrant extension of Midtown’s business and residential districts. The project would bring new life into the neighborhood.

To better serve the neighborhood and to boost its rebirth, the city decided to extend subway line No. 7 which would bring a new subway station to 41st Street and 10th Avenue.

Yet, the Hudson Yards Development Corporation, the nonprofit that oversees the development of Hudson Yards’ plans now lacks the funds needed to build the subway line extension.

In order to get funding for the project, the Real Estate Board of New York (REBNY) has formed a coalition to restore the subway stop and is seeking federal funds so that the No. 7 extension line stops west of its current terminal in Time Square.

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Sunday, March 7, 2010

Bloomberg Signs Tenant Screening Agency Disclosure

Recently, New York City Mayor Michael Bloomberg signed legislation requiring realtors and landlords to disclose contact information for tenant screening agency that will screen rental applicants.

Introductory Number 5-A sponsored by NYC Council members requires landlords, realtors, and others who rent residential properties to disclose the contact information of the tenant screening agency that they use to investigate potential tenants. Realtors and landlords often use tenant screening agencies to determine if a potential tenant has appeared frequently before housing court, but their determinations are not transparent; reports do not provide context on why the tenant appeared in court, and few tenants even know that such a report has been compiled.

"Introductory Number 5-A sheds light on this process. It requires that all rental applications contain contact information for the tenant screening agency that the landlord will use, as well as a disclosure of the rights afforded to potential tenants under State and Federal law. This information will also have to be posted in the offices of realtors and others who accept rental applications. This legislation will encourage tenants to exercise their rights to inspect their reports and ensure that the information contained therein is accurate