New York City has a new mayor. Congratulations Eric Adams. Let's talk about what this means for property owners and renters. In his proposal he mentioned that he is going to work towards adding affordable housing for everyone even in wealthier areas. Repurposing city and private office buildings into affordable housing as well as abandoned hotel buildings. Since it is still illegal to turn small units into livable “apartments'' Adam is going to work towards making these units, including basements, into legal apartments. This would help out a lot of small property owners. In addition to this he wants to improve rent subsidies to prevent New Yorkers from becoming homeless.

 

Due to the pandemic Adam wants to “reimagine the city” to have a more equal ratio of residential and commercial spaces since people are traveling less and working from home. A few big topics for property owners would include tackling the property tax reform, ending the annual lien sale and allowing building inspection to be done by drones; this would help cut costs and help do things efficiently. In addition to this The new mayor also wants to improve NYCHA, including selling their air rights which would raise billions of dollars for tenants. Adam also wants NYCHA to be more transparent and keep tenants informed so they can keep the agency accountable, and also work on the lead paint issue and help tenants who need immediate assistance along with much more. For more information on what he plans to do check out the link below. Let us know what your thoughts and opinions are.