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Full-Text Articles in Law
New York City's J-51 Program: Controversy And Revision, Debra S. Vorsanger
New York City's J-51 Program: Controversy And Revision, Debra S. Vorsanger
Fordham Urban Law Journal
New York City administers a real estate tax incentive program, called the J-51 program, for eligible building owners who rehabilitate existing structures. Despite the need for such a program, various problems and abuses arose, emphasizing the need for major reform. Economic conditions changed the housing market and the tax incentives demonstrated several deleterious effects which contravene the original legislative intent of the program. After long negotiations surrounding several competing arguments, reforms were made. The current revisions were necessary to correct the abuses and to return the program to its original purpose of providing adequate housing for moderate and lower income …
Examining Cooperative Conversion: An Analysis Of Recent New York Legislation, Robert M. Nelson
Examining Cooperative Conversion: An Analysis Of Recent New York Legislation, Robert M. Nelson
Fordham Urban Law Journal
New York City contains ninety-five percent of the cooperative housing units in the United States. While there are historical and social factors for this statistic, a specific factor is the New York State Legislature's support of conversion of residential real estate from rental to cooperative ownership. Specifically, the "Goodman-Grannis" bill provides a method whereby developers may convert residential rental housing in New York City to cooperative housing without obtaining an agreement to purchase a cooperative apartment from any of the existing tenants. Under this method, tenants who do not desire to purchase their apartments as cooperatives may remain in the …