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New rent laws lead to a drop in evictions
A recent report from NYU’s Furman Center found that citywide, eviction filings have been on the decline since 2010—and thanks to the new rent laws passed earlier this year by the state legislature, that trend may continue.
The Wall Street Journal analyzed eviction data in the period after June 14, when the new law took effect, and found that eviction cases that are initiated because of nonpayment of rent have dropped by a whopping 46 percent from the same period last year. “Holdover” eviction cases—which can be initiated for multiple reasons—have also dropped by nearly 12 percent. The new rent laws strengthen tenant protections while also increasing the burden of proof for landlords when action is taken against them (e.g. providing more extensive records of a tenants’ rent history).
“It’s like an earthquake in housing court,” one lawyer for building owners told the WSJ.
And in other news…
- Demolition is underway at the old Times Square Doubletree hotel, which will give way to a $2.5 billion complex known as TSX.
- New research pokes holes in the theory that design-build will make the MTA’s major construction efforts cheaper and more efficient.
- And speaking of MTA construction, a task force set to provide oversight for those projects has yet to be formed, several months after the deadline to do so passed.
- Another pricey 220 Central Park South condo closing, this time for $47 million.
- Empty Fifth Avenue storefronts will be transformed into holiday displays thanks to a new initiative from a local neighborhood group.
- Has your tap water tasted a bit mildewy lately?
- And finally, even if the Macy’s Thanksgiving Day Parade balloons are grounded tomorrow, the festivities themselves are expected to go off without a hitch—here’s everything you need to know about street closures. We’ll be back on Monday, and in the meantime, enjoy these vintage photos of parades past.