Where mayoral candidates stand on real estate

first_img Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink Eric AdamsMandatory Inclusionary Housingmayoral racePoliticsRezoningscott stringer Tags From left: Scott Stringer, Shaun Donovan, Maya Wiley, Andrew Yang, Kathryn Garcia and Eric AdamsAs more candidates join the New York City mayoral race, they threaten to hit a critical threshold: how many fit on a Zoom screen.With just four months until the Democratic primary that is sure to determine the winner, candidates have been facing off in adjacent squares like an extended Brady family. More than 40 are running, and given New York’s progressive electorate, their overlap on positions is considerable — notably in their distancing themselves from the unpopular Mayor Bill de Blasio.But on real estate issues, differences emerge. Contenders including Comptroller Scott Stringer have derided developers’ tax breaks and refused their money, while others have condemned demonization of the industry.ADVERTISEMENT“The real estate community is part of New York,” said Brooklyn Borough President Eric Adams. “We’re going to need them just like we needed them in the 1970s. Just like we needed them after 9/11. Just like we needed them after the financial crisis of 2008.”Many have lambasted de Blasio’s affordable housing program, taken up the debate over land use and picked up on calls to shift city-backed apartment projects to nonprofits.The remote nature of this mayoral race isn’t the only thing that sets it apart. The next mayor will inherit a city devastated by the pandemic. Facing budget deficits in the billions of dollars, city officials could ask the state to raise taxes on the industry and its top customers.“The city’s budget problems either go through Albany, or they go through a very painful reckoning on spending and property taxes,” said Evan Stavisky, a partner at the Parkside Group, a political consulting firm. “There are real challenges there.”Allies and enemiesAmong the top eight candidates, several could be seen as allies by real estate.Adams, a former New York City police captain, is one. Ray McGuire, a former vice chairman at Citigroup, speaks the industry’s language, boasting more than 30 years of business experience. And Shaun Donovan was the top housing official for real estate-friendly Mayor Michael Bloomberg before serving as President Barack Obama’s secretary of Housing and Urban Development.Though Stringer and former city sanitation commissioner Kathryn Garcia have criticized tax breaks beloved by developers, they are considered moderates. Real Estate Board of New York president James Whelan recently brushed off Stringer’s anti-developer rhetoric, saying the longtime establishment figure was just in “campaign mode.”Further to the left are attorney and civil rights activist Maya Wiley, former presidential candidate Andrew Yang, Brooklyn Council member Carlos Menchaca and nonprofit executive Dianne Morales.    Developers Stephen Ross and Jack Cayre have poured money into a campaign fund focused on keeping antagonists of the industry out of the City Council. But in the mayoral contest, real estate executives have donated liberally to Adams, Donovan, McGuire and Stringer, before the comptroller began turning down their checks a year ago. The donation strategy is designed to curry favor with whoever wins.“In the mayoral race, the calculus is different,” said Neal Kwatra, CEO of political consulting firm Metropolitan Public Strategies. “If you lose, you risk alienating the person who does end up emerging.”Beating up on MIH Many mayoral hopefuls have deemed de Blasio’s Mandatory Inclusionary Housing a failure, albeit well-intentioned. The program requires developers to set aside a percentage of apartments as permanently affordable if a project benefits from rezoning.Only six of the 15 neighborhood rezonings de Blasio planned have been approved. But the candidates’ main criticism has been that the “affordable” units’ rents are too high and that the rezonings have only been in communities of color.“Our housing plan has been upside down,” Adams said. “We basically went into poor areas, encouraged development, displaced those long-term tenants.”That critique has been common among candidates, despite city planners’ insistence that rezonings slow displacement by providing housing for new arrivals.Most of the candidates, however, support the mayor’s belated push to rezone high-income Soho. Adams said other areas of Manhattan are ripe for rezoning as well.Stringer was the first to lay out in detail how he would replace MIH. His “universal affordable housing” program would mandate that all new residential construction with 10 or more units set aside at least 25 percent of apartments as affordable with rents at an average of 60 percent of the area median income.He would focus rezonings on “high-opportunity neighborhoods [with] the ability to add density without displacing existing affordable housing.” “The failure of MIH is to assume only a few low-income neighborhoods should bear the brunt of providing affordable housing,” Stringer said in a statement.Alicia Glen, who oversaw the program as deputy mayor, noted that it is “popular” for candidates to criticize the outgoing mayor.“I think some candidates clearly don’t understand the mechanism and the legality of how you structure MIH,” said Glen, who now runs her own development firm, MSquared. “The bottom line is, the policy that we put together works.”Of Stringer’s heavy mandates, she said, “That would be illegal, and he knows better.”Garcia has said she would create 50,000 affordable units for households making less than 30 percent of the area median income — 20,000 more than de Blasio has. Donovan would not mandate inclusionary housing citywide, like Stringer, but would use “robust incentives”  to encourage mixed-income projects with “deep affordability.”But he doesn’t think that should be a singular pursuit. “One of the problems under this administration is that inclusionary zoning has become too much of a focus of our affordable housing policy,” Donovan said. “And it is not a silver bullet.”Zone defenseIn addition to rezoning higher-income neighborhoods, candidates have called for an overhaul of the seven-month land-use review process. The City Council is also considering requiring a racial impact study for major rezonings.Late last year, Council Speaker Corey Johnson proposed a 10-year, citywide planning framework. It would set long-term goals for housing, transportation, public space and other needs and make Council approval of rezonings optional. Persuading members to give up that power would be difficult, especially with Johnson opting out of the mayoral race last year.One Council member who is running, Menchaca, supports Johnson’s plan, though he thinks it could go further. He said the trajectory of Industry City’s rezoning application, which was withdrawn last year because of his opposition, underscores the importance of community engagement in advance.After numerous meetings with community members and fruitless talks with Menchaca, the campus’s owners went ahead with their application but could not come to terms with the Council member, who faced intense pressure from local activists.De Blasio remained on the sidelines, calling it a City Council matter. He was chastised by business groups for not helping a proposal that promised thousands of jobs and $1 billion in investment and by Menchaca for not sweetening the deal with community benefits.Menchaca said mayors need to be more involved to ensure rezonings’ benefits don’t primarily go to developers.“They essentially get what they want, and we get essentially bite sizes of what the public needs,” Menchaca said. “We’re [granting] massive amounts of zoning rights for a fraction of what we could be getting in terms of affordability.”He added that rezonings slated for completion before the end of de Blasio’s term, including of Soho and Gowanus, should be halted until the process is changed.Several candidates have pointed to the need for deeper community involvement in the process, though no one has pitched a wholesale replacement. Adams called for a balance between community involvement and the city’s ability to grow.“If you have too many cooks in the kitchen, we’re going to spoil the broth,” Adams said. “The reality is that some residents don’t want any type of development at all.”Private vs. publicMayoral contenders have tapped into several discussions about curbing for-profit development.Several have promoted eliminating or reforming the tax break Affordable New York, the successor to 421a — a decision that rests with the state but which mayors can influence. Developers have long argued that without the decades-long property tax break, which resembles MIH but demands less affordability, little housing would be built in New York City.The push for eliminating the benefit dovetails with calls to tax the state’s highest earners and impose a pied-à-terre tax. Not all the candidates are on board.“We cannot tax our way out of this. We must grow our way out of this,” McGuire recently told TRD, while allowing that wealthy New Yorkers like himself should pay more to help the city recover.Donovan said eliminating Affordable New York would be “foolish” at a time when the city desperately needs more housing.Candidates have also weighed in on private developers working with the New York City Housing Authority.One target is the Rental Assistance Demonstration program, under which NYCHA properties are renovated and managed by private management companies and rents are subsidized by Section 8. RAD is aimed at chipping away at the authority’s $32 billion, five-year repair backlog and improving management of its developments.Though the renovations have been well received by tenants and NYCHA maintains ownership and rents remain limited to 30 percent of tenants’ income, opponents call RAD “privatization” and say it gives tenants no say in what happens to their homes.“They’re not given that transparency, they’re not given that voice, and therefore they don’t have the options to say what it is they want,” Wiley, a former counsel to de Blasio, said during a December mayoral forum held by the West Side Tenants’ Conference. “The principles have to be about keeping public housing public.”Yang has criticized a de Blasio administration plan to allow developers to build mixed-income projects on NYCHA land, which might generate $1 billion for repairs.The proposal has been stymied by elected officials and tenants who object to any private housing on authority property and to the loss or displacement of playgrounds and open space. Yang said he would prohibit “luxury” development at NYCHA and require any other projects there to get City Council approval.Another controversial proposal would shift affordable housing development to nonprofits. A bill from City Council member Brad Lander would give nonprofits first crack at such projects on city land. A separate measure would allow nonprofits or community land trusts the first chance to purchase residential buildings with three or more apartments when they are up for sale.Donovan said that while he supports doing more for nonprofits, the proposals don’t ensure they have the resources to “become forces in their neighborhoods.”“We have to recognize that while so many [critics] demonized private owners of housing,” he said, “there’s a huge amount of affordable housing owned by small, immigrant owners who are desperately trying to do the right thing.”   Share via Shortlinklast_img read more

Here’s the taxing reason why first time buyer demand remains strong

first_imgHome » News » Housing Market » Here’s the taxing reason why first time buyer demand remains strong previous nextHousing MarketHere’s the taxing reason why first time buyer demand remains strongNearly two thirds of UK homes for sale are exempt from Stamp Duty following changes introduced by Philip Hammond in his Autumn 2017 budget.Sheila Manchester10th October 20190424 Views Zoopla’s latest research has revealed why demand from first time buyers property has remained so strong over the past year after discovering that 59% of UK homes for sale were within the tax-free Stamp Duty threshold for those getting onto the property ladder.Comparing listing prices to the tax thresholds across England, Scotland and Wales, Zoopla therefore uncovered where first-time buyers are least – and most – likely to pay tax. 59% of UK property is, for them, free of stamp duty 59% of all homes for sale across the UK fall under the Stamp Duty Land Tax (SDLT) threshold for first-time buyersScotland has the highest percentage of LBTT tax-exempt propertiesFirst-time buyers in Bootle and Shildon are least likely to pay any SDLTIn London, Croydon has the highest percentage of SDLT exempt homesCurrent thresholds for first-time buyers:England: Stamp Duty Land Tax (SDLT) – £300,000 thresholdScotland: Land and Buildings Transaction Tax (LBTT) – £175,000 thresholdWales: Land Transaction Tax (LTT) – £180,000 thresholdFirst-time buyers in Scotland are most likely to benefit from a tax free purchase. 99.6% of properties are priced under the LBTT threshold. That figure is 58% in England and 56% in Wales.Bootle in Merseyside and Shildon in County Durham top the list of places where first-time buyers are least likely to pay any Stamp Duty.In London, Zoopla found that the best Stamp Duty exemption and partial relief was the London Borough of Croydon, where 26.8% of homes were for sale for under £300,000 across the 12 months. Unsurprisingly the London Borough of Kensington and Chelsea, had just 9.2% of homes offered first-time buyers any tax relief.Laura Howard (left), at Zoopla, said, “Our research revealed that first-time buyers are the largest buyer group of 2019 – indications are that many have been bolstered by the SDLT relief that applies to a typically-priced, entry level property.“59% of homes for sale are exempt from stamp duty- or its country’s equivalent. This is certainly unlocking the prospect of homeownership for many first-time buyers, who might otherwise struggle to gather enough cash to cover all the upfront costs.’Read more about first time buyers. Laura howard first-time buyers Zoopla October 10, 2019Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more

Yourkeys for Hollins Homes

first_imgHome » News » Yourkeys for Hollins Homes previous nextProptechYourkeys for Hollins HomesThe Negotiator28th September 20200185 Views Yourkeys is an online sales progression tool, which is directly integrated into over 2,000 conveyancers and mortgage brokers, meaning real-time updates are fed back into the Yourkeys platform.Its newest function enables contact-free sales by allowing buyer checks, ID verification, automated document generation and reservation fees to be processed online.Hollins Homes, the Manchester-based housebuilder, has adopted the Yourkeys software, which facilitates faster progression of sales through a contact-free process. says its new partnership with proptech firm Yourkeys could attract more customers who are actively seeking a simpler home-buying journey.Mark Yates, Sales and Marketing Director for Hollins Homes, said, “Yourkeys gives power to the customer. It makes buying a home simpler. The documents are online 24/7 so they don’t need to make an appointment or call to find out what is happening. Soon we will be able to reduce the time from reservation to exchange.”yourkeys.com online sales progression tool Yourkeys platform Mark Yates Yourkeys proptech September 28, 2020Jenny van BredaWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021last_img read more

Adjunct Faculty – Chemistry

first_imgAurora University seeks talented adjunct faculty who are passionateabout teaching and learning. Adjunct faculty are qualifiedpart-time instructors offered teaching opportunities based oncourse demand and staffing.Aurora University is looking for qualified Instructors withMaster’s degree or PhD in Chemistry to teach chemistry lectures andlaboratory courses such as Principles of Chemistry, GeneralChemistry I and II, Organic Chemistry I and II, Physical Chemistry,and Inorganic Chemistry.Please email resume or curriculum vitae, plus cover letter statingthe specific areas you are interested in teaching to:[email protected] Aurora University is an Equal Opportunity Employer.last_img read more

Oxford’s image problem is the least of our admissions worries

first_imgAs an applicant from an FE college to Oxford, I found some problems with James Lamming’s argument that many of the criticisms levelled at Oxford for failing to meet access targets are misplaced (“Where schools don’t have resources, we’ll be picking up the pieces“, last week). He stated that Oxford and OUSU are doing all that they can to encourage people from state school backgrounds to apply, and that any failures seen in the figures is a consequence of poor resources in schools and “bad government policy”. While this is true to some degree, it releases OUSU from any obligation to look at the way it views access initiatives in the context of the university as a whole. There is no doubting the fantastic work that the access schemes in Oxford carry out, from the Oxford Access Scheme to the work of Target Schools and individual colleges; yet there is still room for some change. If the university argues that “talking to current students is helpful to pupils who want to know more”, then OUSU should lead the way. The truth when it comes to access initiatives in Oxford is that too much disparity between them exists. The resources available to a college on an open day are whatever the JCR and MCR can muster, or whatever funding the school can provide. OUSU can offer only what is available within its budget, while the Access Office has more resources to offer, but is reliant on students having some knowledge of their existence and work.OUSU should be an umbrella organisation that offers services and support to individual colleges, and this is no different when it comes to access schemes: there should be a focal point provided for colleges in terms of gathering information and best practice, whilst maintaining a close relationship with the work of the Access Office. Although there is a dedicated Oxford admissions website, OUSU should look at providing information of its own for potential applicants. This could be in the form of an information pack that is sent to all those thinking of applying, clearly outlining what is entailed in the application process. This would be complemented by an OUSU admission website that will provide an accessible platform to find college alternative prospectuses and information. There is no substitute to hearing first hand accounts of current students, and OUSU is in the best possible place both to provide this and complement it with further schemes. The misconceptions that exist concerning Oxford will always serve to dissuade certain people from applying, and while there is an argument that the university needs to work alongside teachers to rectify this, OUSU can also play a role in this respect. Simply expanding Target Schools will not fully alleviate issues over access. OUSU has to actively talk to students from Scotland, Northern Ireland, the East Midlands and North East, and not simply encourage them to apply, but ask why it is they don’t want to in the first place. Too often the assumption is made that the application process discourages students, but from working on regional conferences and in schools I found that issues range from funding concerns right through to moving away from home. OUSU needs to talk to those not wishing to apply and allay their fears through a comprehensive access strategy. With the upcoming Student Advice Service reforms within OUSU, perhaps it is time that the position of Access and Academic Affairs was examined. The current remit for the position is enormous; not only does it require coordinating access schemes and open days, but there is also a heavy burden of casework and academic policy reports. It would make sense to divide the position into separate VPs as part of the ongoing reforms: one for access and another for academic affairs. This would ensure that ideas and policies are not obscured by worries in a conflicting area. The current access schemes in Oxford are fantastic in their scope and work, but it is not enough to sit back and argue that it is the job of the schools to catch up. There is certainly work to be done alongside teaching staff, but greater centralisation and coordination, with a reformed OUSU at the forefront will go a long way to help this effort.last_img read more


first_imgVETERANS MUSEUM — Mike Hoffman’s 5th Graders enjoyed an interesting educational experience with our veterans at the Historical WWI VFW Post 226 Veterans Museum. It was so exciting to see many fifth graders looking for and locating photographs of their grandpas and loved ones on walls honoring all veterans. The fifth graders also enjoyed interactive discussions with the veterans. It was indeed a very informative and memorable experience for our youth and our veterans. ×last_img

OCBP Then and Now: Unlocking the Ocean in May

first_imgOcean City Mayor Henry “Bud” Knight and Ocean City Beach Patrol Lt. Fred Miller in 2000.Mayor Henry “Bud” Knight and Ocean City Beach Patrol Lt. Fred Miller turned the gold key 15 years ago on May 27 and officially “unlocked” the Atlantic Ocean for the summer of 2000.Mayor Knight, who died on March 7, 2015, was a huge supporter of the local lifeguards. Under his watch (1992-2006), working conditions improved, and three new lifeguard zone headquarters/first aid stations (1st, 12th and 58thstreets) were built.On May 14, 2015, Mayor Jay Gillian will sign a proclamation declaring Ocean City’s participation in National Beach Safety Week from May 23 to May 31. The proclamation reminds bathers to take appropriate measures to protect themselves including: swim near a lifeguard; never swim alone; never drink alcohol before swimming; respect the power of the surf; and learn to swim.On Friday, May 22, 2015, at noon, on the Moorlyn Terrace beach, Mayor Jay Gillian and lifeguards will turn a large gold key into the sand and officially “unlock” the Atlantic Ocean for the summer of 2015.  This will be followed by the Business Person’s Plunge.On Memorial Day, Monday, May 25, 2015 at 9:15 a.m., on the Moorlyn Terrace beach, lifeguards will row their lifeboat a short distance from the beach and place a wreath on the ocean to honor the men and women who sacrificed their lives so we can live free.last_img read more

Kids bake for free at Cinnamon Square

first_imgCinnamon Square Bakery in Rickmansworth, Hertfordshire, is to offer free bread-making classes to all primary schools in and around his local area.Paul Barker, who runs the bakery, told British Baker: “The pupils are aged 9-11, an age where they can absorb a bit more of the science. Class sizes will be limited to 15 and we will teach the teachers too and give them additional written information so they can take their skills back to the classroom. We will provide added support if they need it.”He added: “We will explain about gluten development, yeast and carbon dioxide. On the wall we have a ‘Circle of Loaf’ showing each stage of the process with a picture of a loaf in the middle. I am a member of the Real Bread campaign, which encourages us to pass on our knowledge to the next generation.”Barker’s double fronted shop premises comprises a 70-seater coffee shop, the bakery and a ‘Makery’ where classes take place.Before starting his own business, Barker was a craft baker for seven years, worked at Campden BRI for four, alongside bakery and milling scientist Stan Cauvain, then worked in product development for McVitie’s for two, followed by Puratos for nine years. “My heart is in baking,” he said. “My wife Tricia does the marketing and helps in other areas. Altogether we employ 25 staff and have children’s parties here five days a week.”Barker, a former BIA winner, was one of the team who helped advise the BBC on criteria for the BBC TV programme ‘The Great British Bake-Off’.last_img read more

Watch Holly Bowling And Elise Testone’s Outstanding Performance Of Grateful Dead’s “Sugaree”

first_imgLast Saturday marked the return of Brooklyn Comes Alive, the one-day music festival that saw over 50 musicians performing in super groups across three different Brooklyn venues. It was pianist Holly Bowling that got the day started, performing a set of Phish and Grateful Dead songs arranged for solo piano.Though Bowling typically appears as a solo artist, her deep knowledge of those two catalogs has offered up some unique collaborative opportunities. One of those came at the finale of her Brooklyn Comes Alive set, when Bowling welcomed vocalist Elise Testone on stage to perform a rendition of “Sugaree.” It was Bowling’s debut of “Sugaree,” and the two women were absolutely mesmerizing on the Dead classic.Fortunately, a full video of the Bowling/Testone performance of “Sugaree” can be viewed below.Holly Bowling is also set to release an album of Grateful Dead arrangements titled Better Left Unsung, due out on December 9th. Find out more about that project through the official crowdfunding page. Meanwhile, Ms. Testone has some big fall tour shows ahead, including a “Haunted Houses Of The Holy” tribute to Led Zeppelin on Halloween night in Brooklyn! More information about those shows and Testone can be found here.last_img read more