ERAP Failures, Kenny on Capitol Pressroom, Interest Rate Cuts and Re-Regulated Apartments
NYAA Daily Update September 18, 2024
NYAA Testifies on ERAP Failures.
NYAA testified today before the city council on the failures of the emergency rental assistance program (ERAP) and the need for something better to replace it. You can read our testimony here and our press release here. ERAP failed to sufficiently cover arrears, and has led to the defunding of rental housing, distress for tenants, and an unmanageable housing court backlog. We asked the city council to allocate more funding for tenant assistance paying rental arrears that can be distributed through an eviction diversion program rather than forcing tenants into housing court.
NYAA CEO Featured on ‘The Capitol Pressroom.’
NYAA CEO Kenny Burgos appeared on The Capitol Pressroom podcast, discussing his new position heading the organization, why he left the assembly, what he hopes to accomplish, his leadership style and how he plans on tackling challenges moving forward. You can listen to his interview here.
Federal Reserve Cuts Interest Rates.
The Federal Reserve has cut interest rates by half a percentage point after holding steady for more than a year after raising rates to the highest level in two decades. The vote was 11 to 1 to bring interest rates down from a range of 5.25 to 5.5 percent to a range of 4.75 to 5 percent. The one dissenting vote wanted a smaller rate cut. This reflects how much inflation has cooled – at 2.5 percent it is now nearing the Fed’s target of 2 percent – and how the Fed is looking to bolster the labor market moving forward. Projections show a narrow majority of officials favor lowering the rates by an additional half point over the remaining two meetings of 2024.
HCR Re-Regulates Nearly 300 Apartments with Owners Help.
Attorney General Letitia James and the department of Homes and Community Renewal (HCR) Commissioner RuthAnne Visnauskas announced the return of 263 apartments back to the New York City rent stabilization housing stock following an investigation into illegal deregulations and claims of falsified Individual Apartment Improvements by a previous owner of the buildings. The current owners worked closely with HCR and the attorney general’s office to establish agreed upon rents and re-regulate the units so they were in compliance.
Reminder: Annual Safety Notices Approaching.
If you did not distribute the required annual safety notices in January, the deadline for doing so is fast approaching. NYAA offers all the latest safety notices through our 2024 Annual Safety Notice Service (ASNS). If you have not yet submitted Fire Safety notices along with other required safety notices, you must deliver these to your tenants between October 1 and October 7. As one of many in-house services that we offer, we take tremendous pride in our Annual Safety Notice Service. Members are encouraged to take advantage of this service and its extremely competitive pricing. Contact us today for additional information about NYAA’s Safety Notice Service.
Upcoming Calendar
Sept. 22 - DSNY S.A.F.E Disposal Event in Manhattan
Sept. 23 - Committee on Aging - Hearing on NORCs
Sept. 25 - Membership Meeting at NYAA
Sept. 25 - Committee on Civil Service and Labor - Hearing on Int. 910
Sept. 29 - DSNY S.A.F.E Disposal Event in Brooklyn
Sept. 30 - HPD multiple dwelling registration deadline (was Sept. 1)
Sept. 30 - Deadline for ConEd Smart Usage Savings Application