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The law was administered by the New York City Loft Board. The 1982 Loft Law should not be confused with the artists' loft law, Article 7-b of the New York State Multiple Dwelling Law nor with rent control legislation, which limits the ability of landlords to increase the rent of certain long-term tenants. The artists' loft law requires that the ...
The 421-a tax exemption is a property tax exemption in the U.S. state of New York that is given to real-estate developers for building new multifamily residential housing buildings in New York City. As currently written, the program also focuses on promoting affordable housing in the most densely populated areas of New York City.
Multifamily residential, also known as multidwelling unit (MDU), is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. [1] Units can be next to each other (side-by-side units), or stacked on top of each other (top and bottom units).
New York State's Multiple Dwelling Law (MDL) requires that buildings with three or more units have features one might associate with a large apartment building. For example, the law requires ...
The bill was amended in May 2010 and passed in the New York State Assembly (A05667C [2]) on June 3, 2010. On June 8, 2010, the New York State Senate passed the “Expanded Loft Law”, bill S7178A. The bill was signed into law by New York Governor David Paterson on June 21, 2010. [3] [4]
In 1920, New York adopted the Emergency Rent Laws, which effectively charged the courts of New York State with their administration. [ 19 ] [ 20 ] [ 21 ] The rent laws were the result of a series of widespread rent strikes in New York City from 1918 to 1920 that had been sparked by a World War 1 housing shortage, and the subsequent land ...
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In 1981, The New York Times cited that "city housing officials estimate that 300-some buildings" were in the program. [1] While a building is under 7A, since "rents are going toward repairs, landlords must make tax and mortgage payments from other income during this period."