Daniel M. Bernstein’s Post

New Blog: Rent Stabilisation in Jersey Jersey's housing market is potentially at a crossroads with “rent stabilisation” measures being discussed. Please see our latest comments regarding the potential impacts of such a step. We would be interested to see your thoughts on this in the comments below! #RealEstate #RentStabilisation #Jersey

In 2021, the state Legislature passed the MBTA Act which requires all 177 MBTA communities to create at least one zoning district where developers may build multifamily housing units without going through a special-review process. Recently, Legislature reconvened and set a deadline of April 24, 2024 for resident to propose changes to the existing laws. Read more in this recent article by Chris Cunio and Aidan Gross in the Boston Business Journal. #legalblog https://ow.ly/BUGg50QVN4X

𝐓𝐡𝐞 𝐌𝐚𝐲𝐨𝐫’𝐬 𝐫𝐨𝐥𝐞 𝐢𝐧 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐢𝐧𝐠 𝐧𝐞𝐰 𝐡𝐨𝐦𝐞𝐬 Housing policy is likely to be a major area of political change as we approach a General Election. London is at the epicentre of a challenging climate for housebuilding in a market which leaves many feeling left out of homeownership. LCA's Peter Lord digs into the role of Mayor of London for delivering new homes and what the candidates are saying on this crucial area of policy. Read, share and enjoy our latest #RaceForCityHall blog. https://lnkd.in/eQqFm_h4

In New York, President Joe Biden mentioned Rent Caps during the debate and according to an article by Katheryn Brenzel of the Real Deal also mentioned a 5% cap during a press conference recently. What would those regulations do? Miami, Atlanta, Chicago, L. A. and other major cities have their own versions of regulatory controls affecting real estate investment, the folks that live within the buildings and economic conditions. According to a Forbes article by Brenda Richardson last year, "While rent control appears to help housing providers in the short run, in the long run it affects their investment and development plans, according to new research by the National Apartment Association (NAA). Potential actions include reducing investments, shifting plans to other markets and canceling plans altogether. Furthermore, a full two-thirds of housing providers would not consider investing in markets with strict rent control policies." https://lnkd.in/eTAgf3WB Please read the article by "The Real Deal" here to shed some recent light on the subject as it pertains to NYC. #rentcontrol #rentcaps #NewYork #Miami #multifamily

Governor Kathy Hochul and New York state leaders have reached a consensus on a legislative package aimed at addressing the severe housing crisis in New York. The framework was finalized after intensive negotiations among Hochul, legislative leaders, and key stakeholders, including tenants, labor unions, and developers. The plan was presented to the Senate and Assembly, though some lawmakers expressed reservations, suggesting potential amendments. The agreement proposes a balanced set of incentives designed to stimulate housing development and enhance tenant protections. Key provisions include substantial tax breaks for developers, aimed at making construction more economically feasible, and robust protections for tenants, such as making it more challenging to evict renters and limiting rent increases. Additionally, the agreement would allow for increased rents in rent-stabilized apartments to cover renovation costs and would lift size restrictions on new buildings, facilitating the creation of more housing units. Despite these incentives, the package has faced criticism from various quarters. Some progressive lawmakers and tenant advocates argue that the tenant protections are insufficient, particularly highlighting the "good cause eviction" measure, which they feel does not go far enough in protecting renters. Conversely, real estate interests, represented by the Real Estate Board of New York, have praised some aspects of the package but voiced concerns that the measures might not sufficiently address the broader housing needs of the city and state. The deal represents a pivotal effort to mitigate the housing shortage in New York and improve affordability, particularly as the city grapples with increasing rents, a growing number of evictions, and a strained shelter system exacerbated by an influx of migrants. The plan is intended to generate tens of thousands of affordable homes over the coming years and is seen as an urgent response to the escalating affordability crisis. #NYHousingCrisis #HochulHousingDeal #TenantProtection #RealEstateDevelopment #NewYorkLegislation #HousingAffordability https://lnkd.in/eE5EUest

In cities and states across our nation, the housing crisis is a supply issue. Under-building since the start of the Great Recession has left America roughly 4 million housing units - homes, condos, apartments, etc. - short of what is needed to stabilize our housing market. There are two policy ideas that policymakers have gravitated toward that address the symptoms of the housing crisis: Banning single-family-build-for-rent & rent control/stabilization. Enactment of these policies will suppress supply at a time when we need a surge in housing construction. No matter how well-intentioned, we cannot enact policies that will negatively impact supply as this will only make housing inflation and the housing crisis grow. Thank you KJZZ 91.5 FM for allowing me to weigh in. #housing #housingpolicy #multifamily #homebuilding

Affordable housing is critical. The fabric of the City is stronger when residents of all income levels are able to live-work-play securely, in a safe environment. Notwithstanding, the editors of the WSJ opined this morning on New York's rental market: "You have to marvel at the enlightened economic thinking of New York politicians.... hashing out a deal as part of the state budget that would impose universal rent control while creating tax breaks for housing developers. Increase disincentives for investment, and then layer on subsidies. Genius." Layers of initially well-intended government policy exacerbates NYC's affordable housing crisis. Can anyone (preferably someone who understands the economics of real estate development or is well-versed in NYC's rent stabilization policies) explain how the benefits of Good Cause Eviction outweigh the negatives? Why create disincentives for private developers? Its not as if NYCHA is "better" at delivering workforce housing? Please share your thoughts and opinions. #sior #rebny #goodcauseeviction #affordablehousing https://lnkd.in/eAjWTe8z

In this new op-ed, Taiisa Kelly of Monarch Housing Associates explains why NJ's outdated affordable housing regulations — the Uniform Housing Affordability Controls (UHAC) — must be updated to prioritize the needs of low-income &  moderate-income New Jerseyans:

Here’s another valuable read. Thanks to Fair Share Housing Center for highlighting these great pieces this week!

Here’s a deeper dive into the housing bills that passed last year to build more housing, protect tenants, and more. KQED https://lnkd.in/gdRrPYPD