DOCSLIB.ORG

Managing Rent Regulated Property: Complying with State

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Managing Rent Regulated Property: Complying with State MANAGING RENT REGULATED PROPERTY: COMPLYING WITH STATE NSTITUTE AND CITY I REQUIREMENTS Prepared in connection with a Continuing Legal Education course presented at New York County Lawyers’ Association, 14 Vesey Street, New York, NY scheduled for March 9, 2016 CLE Program Co-Sponsor: Faculty: Sherwin Belkin, Belkin, Burden, Wenig, & Goldman; Blaine Schwadel and Jeffrey Turkel, Rosenberg & Estis, P.C.; Niles Welikson, Horing, Welikson & Rosen; Theodore Oberman, NYC Dept. of Finance NYCLA Moderators: Mitchell Posilkin, RSA General Counsel and Robin Bernstein, RSA Deputy Counsel This course has been approved in accordance with the requirements of the New York State Continuing Legal Education Board for a maximum of 3 Transitional and Non-Transitional credit hours: 3 Professional Practice. This program has been approved by the Board of Continuing Legal education of the Supreme Court of New Jersey for 3 hours of total CLE credits. Of these, 0 qualify as hours of credit for ethics/professionalism, and 0 qualify as hours of credit toward certification in civil trial law, criminal law, workers compensation law and/or matrimonial law. ACCREDITED PROVIDER STATUS: NYCLA’s CLE Institute is currently certified as an Accredited Provider of continuing legal education in the States of New York and New Jersey. New York County Lawyers’ Association Continuing Legal Education Institute 14 Vesey Street, New York, N.Y. 10007 • (212) 267-6646 Managing Rent Regulated Property: Complying with State and City Requirements Wednesday, March 9, 2016, 9:00 AM - 12:00 PM Program Co-Sponsor: Faculty: Sherwin Belkin, Belkin, Burden, Wenig, & Goldman; Rosenberg & Estis; Blaine Schwadel, Rosenberg & Estis; Jeffrey Turkel, Rosenberg & Estis; Niles Welikson, Horing, Welikson & Rosen; Theodore Oberman, NYC Department of Finance Moderators: Mitchell Posilkin, General Counsel, RSA Robin A. Bernstein, Deputy Counsel, RSA AGENDA 9:00 A.M. - 9:10 A.M. Announcements Bari Chase, NYCLA 9:10 A.M. - 9:30 A.M. Introduction Mitchell Posilkin, RSA 9:30 A.M. - 9:50 A.M. MCI Tax Abatement Theodore Oberman Blaine Schwadel 9:50A.M. - 10:20 A.M. DHCR J51 Rent Registration Initiative Recalculating Rents Blaine Schwadel 10:20 A.M. - 10:40 A.M. Break 10:40 A.M. - 11:00 A.M. Illegal Sublets: Best Practices Sherwin Belkin 11:00 A.M. - 11:20 A.M. Illegal Sublets: Litigation Niles Welikson 11:20A.M. - 11:45 A.M. The Altman and Altschuler Cases Jeffrey Turkel 11:45 A.M. –12:00 P.M. Questions and Answers The Rent Act of 2015 § 10 High-Rent Vacancy Deregulation a . "Housing accommodations" shall not include: any housing accommodation which becomes vacant on or after April first, nineteen hundred ninety-seven and before the effective date of the rent act of 2011 and where at the time the tenant vacated such housing accommodation the legal regulated rent was two thousand dollars or more per month; or, for any housing accommodation which is or becomes vacant on or after the effective date of the rent regulation reform act of 1997 and before the effective date of the rent act of 2011, with a legal regulated rent of two thousand dollars or more per month; or for any housing accommodation that becomes vacant on or after the effective date of the rent act of 2015, where such legal regulated rent was two thousand seven hundred dollars or more, and as further adjusted by this section. Starting on January 1, 2016, and annually thereafter, the maximum legal regulated rent for this deregulation threshold, shall also be increased by the same percent as the most recent one year renewal adjustment, adopted by the New York city rent guidelines board pursuant to the rent stabilization law. § 10 (cont.) High Rent Vacancy Deregulation This exclusion shall apply regardless of whether the next tenant in occupancy or any subsequent tenant in occupancy is charged or pays less than two thousand dollars a month; or, for any housing accommodation with a legal regulated rent of two thousand five hundred dollars or more per month at any time on or after the effective date of the rent act of 2011, which is or becomes vacant on or after such effective date, but prior to the effective date of the rent act of 2015; or, any housing accommodation with a legal regulated rent that was two thousand seven hundred dollars or more per month at any time on or after the effective date of the rent act of 2015, which becomes vacant after the effective date of the rent act of 2015, provided, however, that starting on January 1, 2016, and annually thereafter, such legal regulated rent for this deregulation threshold, shall also be increased by the same percentage as the most recent one year renewal adjustment, adopted by the New York city rent guidelines board. This exclusion shall apply regardless of whether the next tenant in occupancy or any subsequent tenant in occupancy actually is charged or pays less than two thousand [five] seven hundred dollars, as adjusted by the applicable rent guidelines board, a month. § 11 ETPA – Preferential Rents/Deregulation Subdivision a-2 of section 10 of section 4 of chapter 576 of the laws of 1974, constituting the emergency tenant protection act of nineteen seventy-four, as amended by section 13 of part B of chapter 97 of the laws of 2011, is amended to read as follows: (a-2) Provides that where the amount of rent charged to and paid by the tenant is less than the legal regulated rent for the housing accommodation, the amount of rent for such housing accommodation which may be charged upon renewal or upon vacancy thereof, may, at the option of the owner, be based upon such previously established legal regulated rent, as adjusted by the most recent applicable guidelines increases and other increases authorized by law. [Where, subsequent to vacancy, such legal regulated rent, as adjusted by the most recent applicable guidelines increases and any other increases authorized by law is two thousand dollars more per month or, for any housing accommodation which is or becomes vacant on or after the effective date of the rent act of 2011, is two thousand five hundred dollars or more per month, such housing accommodation shall be excluded from the provisions of this act pursuant to paragraph thirteen of subdivision a of section five of this act] § 11 ETPA (cont.) – Preferential Rents/Deregulation Such housing accommodation shall be excluded from the provisions of this act pursuant to paragraph thirteen of subdivision a of section five of this act when subsequent to vacancy: (i) such legal regulated rent is two thousand five hundred dollars per month, or more, for any housing accommodation that is, or becomes, vacant after the effective date of the rent act of 2011 but prior to the effective date of the rent act of 2015 or (ii) such legal regulated rent is two thousand seven hundred dollars per month or more for any housing accommodation that is or becomes vacant on or after the rent act of 2015; starting on January 1, 2016, and annually thereafter, the maximum legal regulated rent for this deregulation threshold, shall also be increased by the same percent as the most recent one year renewal adjustment, adopted by the applicable rent guidelines board pursuant to the rent stabilization law. § 12 RSL Preferential Rents/Deregulation § 12. Paragraph 14 of subdivision c of section 26-511 of the administrative code of the city of New York, as amended by section 14 of part B of chapter 97 of the laws of 2011, is amended to read as follows: (14) provides that where the amount of rent charged to and paid by the tenant is less than the legal regulated rent for the housing accommodation, the amount of rent for such housing accommodation which may be charged upon renewal or upon vacancy thereof, may, at the option of the owner, be based upon such previously established legal regulated rent, as adjusted by the most recent applicable guidelines increases and any other increases authorized by law. [Where, subsequent to vacancy, such legal regulated rent, as adjusted by the most recent applicable guidelines increases and any other increases authorized by law is two thou- sand dollars or more per month or, for any housing accommodation which is or becomes vacant on or after the effective date of the rent act of2011, is two thousand five hundred dollars or more per month, such housing accommodation shall be excluded from the provisions of this law pursuant to section 26-504.2 of this chapter] § 12 (cont.) RSL Preferential Rents/Deregulation Such housing accommodation shall be excluded from the provisions of this code pursuant to section 26-504.2 of this chapter when, subsequent to vacancy: (i) such legal regulated rent prior to vacancy is two thousand five hundred dollars per month, or more, for any housing accommodation that is or becomes vacant after the effective date of the rent act of 2011 but prior to the effective date of the rent act of 2015 or (ii) such legal regulated rent is two thousand seven hundred dollars per month or more, provided, however that on January 1, 2016, and annually thereafter, the maximum legal regulated rent for this deregulation threshold shall be adjusted by the same percentage as the most recent one year renewal adjustment as adjusted by the relevant rent guidelines board, for any housing accommodation that is or becomes vacant on or after the rent act of 2015. § 13 (ETPA) §16 (RSL) High-Income/High-Rent Deregulation Threshold For proceedings commenced on or after July 1, 2015, The deregulation rent threshold means two thousand seven hundred dollars, provided, however that on January 1, 2016, and annually thereafter, the maximum legal regulated rent for this deregulation threshold shall be adjusted by the same percentage as the most recent one year renewal adjustment, adopted by the rent guidelines board.
Load more

Recommended publications
  • The Affordability Crisis: How Rent Control Is Making Waves In
    THE AFFORDABILTY CRISIS HOW RENT CONTROL IS MAKING WAVES IN MULTIFAMILY Formerly known as the War Emergency Tenant Protection Act, rent control was proposed during the World War II era to protect tenants from war-related housing shortages. These policies were first enacted in New York and Washington, D.C., as they experienced the most significant shortages. Fast forward to today, rent regulation has spread to California, Maryland, New Jersey, and most recently, Oregon. THREE YEARS POST WWII, 2.5 MILLION NEW HOMES WERE BULIT ACROSS THE COUNTRY. Although there are no housing shortages today as severe as during World War II, the rent regulation policies have evolved with the intention to create more affordable housing options and simultaneously protect tenants who live on a fixed or low-income, such as the elderly. Rent control is a law implemented by the government in which they control and regulate the amount a landlord can charge a tenant for rental housing. This policy prevents landlords from overcharging rent and protects tenants from eviction without just cause, such as late payments. ™ Rent control has been a buzzing topic as of late, with new statewide enforcements within New York, Oregon, and most recently, California. In this article, Matthews™ will discuss the current state of rent regulation laws and how tenants and investors are reacting. ADVANTAGES OF RENT CONTROL DISADVANTAGES OF RENT CONTROL Policymakers tend to account for the voice The audience speaking out against rent control supporting rent regulation laws by implementing laws is primarily investors. Professionals and rent control to combat affordability issues.
    [Show full text]
  • ARCH MORTGAGE INSURANCE COMPANY NAIC Group Code.....1279, 1279 NAIC Company Code
    PROPERTY AND CASUALTY COMPANIES - ASSOCIATION EDITION *40266201920100101* QUARTERLY STATEMENT As of March 31, 2019 of the Condition and Affairs of the ARCH MORTGAGE INSURANCE COMPANY NAIC Group Code.....1279, 1279 NAIC Company Code..... 40266 Employer's ID Number..... 36-3105660 (Current Period) (Prior Period) Organized under the Laws of WI State of Domicile or Port of Entry WI Country of Domicile US Incorporated/Organized..... December 30, 1980 Commenced Business..... December 31, 1981 Statutory Home Office 33 East Main Street, Suite 900 .. Madison .. WI .. US .. 53703 (Street and Number) (City or Town, State, Country and Zip Code) Main Administrative Office 230 North Elm Street .. Greensboro .. NC .. US .. 27401 336-373-0232 (Street and Number) (City or Town, State, Country and Zip Code) (Area Code) (Telephone Number) Mail Address Post Office Box 20597 .. Greensboro .. NC .. US .. 27420 (Street and Number or P. O. Box) (City or Town, State, Country and Zip Code) Primary Location of Books and Records 230 North Elm Street .. Greensboro .. NC .. US .. 27401 336-373-0232 (Street and Number) (City or Town, State, Country and Zip Code) (Area Code) (Telephone Number) Internet Web Site Address www.archmi.com Statutory Statement Contact Jeffrey Wayne Shaw 336-412-0800 (Name) (Area Code) (Telephone Number) (Extension) [email protected] 336-217-4402 (E-Mail Address) (Fax Number) OFFICERS Name Title Name Title 1. Robert Michael Schmeiser # President & Chief Executive Officer 2. Sara Fitzgerald Millard Executive Vice President, General
    [Show full text]
  • Report on Rent Control (1981)
    Citizens League Report on Rent Control Prepared by Special Studies Task Force Donald Van Hulzen, Chairman Approved by Citizens League Board of Directors February 18,1981 Citizens League 530 Syndicate Building Minneapolis, MN 5 5402 (612) 338-0791 INTRODUCTION We were asked by the Citizens League Board of Directors in to deal only with rent control, and that took almost all of the fall of 1980 to develop and recommend a League our time. position on rent control. Our charge instructs us to (a) become familiar with the facts on the price of rental We don't fully understand what is happening, but there are housing and how rents have increased in comparison with some signs which indicate that the financial burden ques- other essential living expenses; (b) try to understand tion will emerge as a far more serious issue in the 1980s specific problems to which rent control proposals are being than many persons now recognize. In most income cat- addressed, and reach conclusions on the extent to which egories, housing will be claiming a larger portion of the these problems would be met through rent control; (c) household budget. Persons most significantly affected will become familiar with the extent to which rent control is in be those of low income who are using current income to existence elsewhere in the nation, and the results in these pay for housing, whether through rent or mortgage pay- locations; and (d) determine the impact which rent control ments. would have on maintenance of rental dwellings, new construction of rental dwellings, housing demand in parts Most of us are familiar with the fact that higher energy of the metropolitan area without rent control, supply and prices, higher interest rates and higher inflation rates have cost of housing for low md moderate-income households, resulted in significant increases in housing costs.
    [Show full text]
  • Housing Financialization and Rent Control Working Paper 2020:01 Department of Economics, John Jay College Jacob Udell1
    Housing Financialization and Rent Control Working Paper 2020:01 Department of Economics, John Jay College Jacob Udell1 Abstract This working paper attempts to consolidate a number of insights about commercial real estate finance over the last 25 years in New York City to suggest a general framework for thinking about gentrification, housing financialization, and rent control. In particular, it argues for the need to account for the supply of capital seeking out returns in NYC, with an emphasis on the market for older-stock, rent-stabilized multifamily buildings. It also sketches out some potential dynamics following the passage of the Housing Stability and Tenant Protection Act in June 2019, which significantly strengthened the NYC rent stabilization regime and had an important effect in the acquisiton market for rent stabilized properties. Finally, it analyzes an example of a portfolio of Bronx buildings owned by Emerald Equity Group and financed by Freddie Mac, to explore some of these dynamics. Many of the parts of this paper are in draft-form, and areas to expand upon and develop are noted throughout the paper. 1While this working paper was conceived with much help, it does not reflect the analysis of anyone but myself, as a graduate student in Economics at John Jay College. Please do not cite without contacting the author at [email protected]. Draft 2 – 2.20.2020 Introduction NYC private landlords and their investors have been able to profit handsomely over the last 25 years by acquiring large portfolios of existing rent-stabilized, older-stock properties.2 In that period, prevailing prices for rent stabilized buildings have increased almost unabated, with the few years around the 2008 Financial Crisis being the only exception.
    [Show full text]
  • What More Do We Need to Know About How to Prevent and Mitigate Displacement of Low- and Moderate-Income Households from Gentrifying Neighborhoods?
    What More Do We Need to Know about How to Prevent and Mitigate Displacement of Low- and Moderate-Income Households from Gentrifying Neighborhoods? VICKI BEEN1 New York University he extent to which gentrification results in the displacement of low- and moderate-income households from neighborhoods undergoing signifi- cant change is still the subject of study and debate among urban policy researchers.2 Recent evidence suggests that, at least in areas outside low- vacancy “superstar cities”3 with intense gentrification, renters who likely Tare the most vulnerable to displacement generally do not move away from gentrifying neighborhoods at higher rates than such households move from nongentrifying areas.4 Elected officials, housing advocates, and the public, on the other hand, have no doubt that gentrification can and does cause displacement.5 There are a number of reasons the research findings on displacement may be less accu- rate or complete than reports from affected neighborhoods. First, there is considerable disagreement, especially early in the process, about which neighborhoods actually are gentrifying. Second, data tracking people’s moves to and from neighborhoods is limited because of concerns about the confidentiality of tax, social service, and other governmental data files that follow individuals over time, and because private sources of linked data, such as credit reporting bureau files, are incomplete in a variety of ways (some households don’t have credit files, for example). Third, even if residents of gentrifying neighborhoods may move no more often from gentrifying neighborhoods than similar households in other areas, they may move for different reasons. Residents of non-gentrifying neighborhoods may more often move voluntarily — seeking better neighborhoods or jobs, for example — while residents of gentrifying neighborhoods may more often move involuntarily, wanting to stay in the neighborhood but unable to afford it.
    [Show full text]
  • Ph6.1 Rental Regulation
    OECD Affordable Housing Database – http://oe.cd/ahd OECD Directorate of Employment, Labour and Social Affairs - Social Policy Division PH6.1 RENTAL REGULATION Definitions and methodology This indicator presents information on key aspects of regulation in the private rental sector, mainly collected through the OECD Questionnaire on Affordable and Social Housing (QuASH). It presents information on rent control, tenant-landlord relations, lease type and duration, regulations regarding the quality of rental dwellings, and measures regulating short-term holiday rentals. It also presents public supports in the private rental market that were introduced in response to the COVID-19 pandemic. Information on rent control considers the following dimensions: the control of initial rent levels, whether the initial rents are freely negotiated between the landlord and tenants or there are specific rules determining the amount of rent landlords are allowed to ask; and regular rent increases – that is, whether rent levels regularly increase through some mechanism established by law, e.g. adjustments in line with the consumer price index (CPI). Lease features concerns information on whether the duration of rental contracts can be freely negotiated, as well as their typical minimum duration and the deposit to be paid by the tenant. Information on tenant-landlord relations concerns information on what constitute a legitimate reason for the landlord to terminate the lease contract, the necessary notice period, and whether there are cases when eviction is not permitted. Information on the quality of rental housing refers to the presence of regulations to ensure a minimum level of quality, the administrative level responsible for regulating dwelling quality, as well as the characteristics of “decent” rental dwellings.
    [Show full text]
  • Principles of Eminent Domain
    Principles of Eminent Domain House Joint Resolution No. 34 Proposed Legislation Volume I1 Legislative Environmental Quality Council Eminent Domain Subcommittee Public Benefits and Private Rights: Countervailing Principles of Eminent Domain Proposed Legislation September 2000 Environmental Quality Council Members House Members Senate Members Representative Paul Clark Senator Mack Cole Representative Kim Gillan, Vice-Chair Senator William Crismore, Chair Representative Monica Lindeen* Senator Bea McCarthy Representative Doug Mood Senator Ken Mesaros Representative Bill lash Senator Barry "Spook" Stang Representative Cindy Younkin Senator Jon Tester Public Members Governor's Representative Mr. Tom Ebzery Ms. Julie Lapeyre Ms. Julia Page Mr. Jerry Sorensen Mr. Howard F. Strause Law, Justice, and Indian Affairs Committee Members on Eminent Domain Subcommittee Representative Gail Gutsche Representative Dan McGee Representative Jim Shockley *Eminent Domain Subcommittee merr~bersare noted in italics Legislative Environmental Policy Off ice Staff Todd Everts, Legislative Environmental Analyst; Larry Mitchell, Resource Policy Analyst; Mary Vandenbosch, Resource Policy Analyst; Krista Lee, Resource Policy Analyst; Maureen Theisen, Publications Coordinator; State Capitol, P.O. Box 20 1704, Helena, MT 59620- 1 704; (406) 444-3742; http://leg.state.mt.us Eminent Domain Study Staff Krista Lee, Resource Policy Analyst, Legislative Environmental Policy Office; Gordon Higgins, Research Analyst, Legislative Services Division; Greg Petesch, Chief Legal Counsel, Legislative Services Division 'The bill drafts in this report are in the form in which they were adopted by the Environmental Quality Council at its September 2000 meeting. For the most current versions of these bills, call the Legislative Environmental Policy Office at (406) 444- 3742 or view the online version by choosing Legislative Info from the State of Montana homepage, then 2001 Session.
    [Show full text]
  • Nine Facts New Yorkers Should Know About Rent Regulation
    NINE FACTS NEW YORKE RS SHOULD KNOW ABOUT RENT REGULATION Ju ly 2009 Citizens Budget Commission Since 1993 New York City’s rent regulations these households still pay a high portion of have moved toward deregulation. However, their income for rent. Moreover, rent there is a possibility that the direction may regulation is providing valuable benefits to a be changed. In early 2009, the New York significant number of higher income house- State Assembly passed legislation that holds. In addition, the impact of regulation includes sweeping proposals such as the is concentrated in Manhattan. Finally, many elimination of high-rent vacancy decontrol households with low incomes are not in the and the re-control of most apartments that regulated sector or other government hous- were deregulated under this provision. The ing assistance programs; they face high rent current deep economic recession is viewed burdens in the unregulated housing market. by some as a reason to seek protections for more tenants, and by others as an oppor- At this juncture, CBC believes the Legis- tunity to lift regulations without fear that lature should be cautious about initiatives to market forces will result in burdensome rent extend the reach of rent regulation. Instead, increases. Regardless of what may happen state leaders should think more broadly in the current legislative session, the state about ways to better target assistance to enabling legislation for rent regulation is lower income households and to allow the due to expire in 2011. market to work in ways that better allocate housing and expand housing choices for all Given the legislative interest in rent New Yorkers.
    [Show full text]
  • Understanding the Diversity of Rent Regulation Laws
    Fordham Urban Law Journal Volume 46 Number 5 One Hundred Years of Rent Control: An Examination of the Past and Future of Rental Article 1 Housing (Symposium) 2019 Laboratories of Regulation: Understanding the Diversity of Rent Regulation Laws Vicki Been Ingrid Gould Ellen Sophia House Follow this and additional works at: https://ir.lawnet.fordham.edu/ulj Recommended Citation Vicki Been, Ingrid Gould Ellen, and Sophia House, Laboratories of Regulation: Understanding the Diversity of Rent Regulation Laws, 46 Fordham Urb. L.J. 1041 (2019). Available at: https://ir.lawnet.fordham.edu/ulj/vol46/iss5/1 This Article is brought to you for free and open access by FLASH: The Fordham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Urban Law Journal by an authorized editor of FLASH: The Fordham Law Archive of Scholarship and History. For more information, please contact [email protected]. LABORATORIES OF REGULATION: UNDERSTANDING THE DIVERSITY OF RENT REGULATION LAWS Vicki Been,* Ingrid Gould Ellen,** and Sophia House***† Introduction ........................................................................................... 1042 I. Understanding the Goals of Rent Regulation ................................ 1043 A. Stated Goals of Rent Regulation Programs ....................... 1043 B. Existing Research and Challenges ....................................... 1046 II. Features and Trade-Offs of Rent Regulation: Defining the Regulated Universe .......................................................................
    [Show full text]
  • No Place Like Home: Defining HUD's Role in the Affordable Housing Crisis
    adm_71-3_41554 Sheet No. 105 Side A 09/18/2019 13:09:53 ALR 71.3_SMUCKER_ME REVIEW.DOCX (DO NOT DELETE) 8/28/19 5:47 PM NO PLACE LIKE HOME: DEFINING HUD’S ROLE IN THE AFFORDABLE HOUSING CRISIS K. HEIDI SMUCKER* Introduction .............................................................................................. 634 I.HUD: An Agency or Writer of Federal Checks? ................................... 636 A. The Evolution of Rental Housing Assistance: What Worked and What Didn’t ............................................................................ 637 B. A Funnel for Federal Funding ................................................ 639 II.Houston (and San Francisco, D.C., and New York), We Have a Problem ....................................................................................................... 640 A. The Rise (and Potential Fall) of San Francisco’s Restrictive Zoning .................................................................................... 641 B. Washington D.C.: Negative Implications of Cookie-Cutter Development .......................................................................... 643 C. I Heart New York, But Not The Rent ................................... 646 III.Baby Steps, Tiny Victories, and Their Potential for Impact ............... 647 IV.Affirmatively Furthering Affordable Housing: A (Possible) Recipe for Success ........................................................................................... 651 A. Reviving an Obama-Era Ghost in the Name of Efficiency .... 652 B. A Bird in the Hand
    [Show full text]
  • Guide to Taking Mortgages in Moldova [EBRD
    2008 Guide to taking mortgages in Moldova Guide to taking mortgages in Moldova Prepared by A.C.I. Partners European Bank for Reconstruction and Development Chisinau, 2008 © ACI Partners, 2008 © European Bank for Reconstruction and Development, 2008 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, without the written permission of the copyright holders. Such written permission must also be obtained before any part of this publication is stored in a retrieval system of any nature. This publication has been made possible thanks to the generous support of the Swiss Government. The information and expression of opinions in this guide are not intended to constitute legal advice and should not be treated as a substitute for specific advice concerning individual situations. As the law related to the area of security is complex, we strongly recommend seeking legal advice when contemplating specific transactions. INTRODUCTION ....................................................................................................................................4 An explanation of the terms used......................................................................................................4 Key features of new legislation..........................................................................................................5 Laws governing mortgages................................................................................................................5
    [Show full text]
  • Rent Regulation for the 21St Century: Pairing Anti-Gouging with Targeted Subsidies
    POLICY BRIEF | APRIL 2021 Rent Regulation for the 21st Century: Pairing Anti-Gouging with Targeted Subsidies A central purpose of rent regulation is to provide stability against unexpected increases in rent. Low-income renters are especially vulnerable to rent shocks. Most rent regulation systems, however, confer the largest benefits on higher- income renters, prompting the question of how rent regulation can offer more effective protection to lower-income households. Expanding rent regulation to impose tighter rent restrictions on more of the housing stock has adverse consequences for housing markets; meanwhile, means testing rent-regulated housing would be highly burdensome and potentially counterproductive. In this brief, we argue that pairing anti-gouging rent regulation with shallow, targeted subsidies to low-income renters is a better way to ensure that the benefits of rent regulation reach vulnerable households. We argue that neither expanding rent regulation Introduction to impose tighter rent restrictions across more of Rent regulation debates have intensified in recent the housing market nor means testing regulated years, especially in jurisdictions where increased units is an optimal way to achieve rent regulation’s demand for rental housing has led to unprec- aim of preserving housing stability for low-income edented rent increases.1 Although low-income households. Instead, a more efficient way to ensure renters are particularly vulnerable to the harms that low-income households receive the benefits of that rent regulations aim to mitigate, most of rent regulation is to pair broad-based, anti-gouging the protections of rent regulations are not tar- rent regulation with targeted subsidies that reduce geted and may not reach these renters.2 This housing costs for low-income tenants.
    [Show full text]