The Daily Dirt: Electrical fires surge after rent law
If old buildings have outdated, unsafe electrical systems, why don’t landlords upgrade them? Because some don’t have $1 million or more on hand, or the ability to borrow it. In a piece about an increase in Bronx apartment building fires caused by faulty wiring, Gothamist noted that “owners can apply for rent increases through the state’s Major Capital Improvements program if they demonstrate they made significant upgrades to the full building electrical system.” But rent increases for MCI’s were capped at 2 percent by the 2019 Housing Stability and Tenant Protection Act. That’s not always enough to finance such a […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Pros and Cons of New Construction Homes: What Buyers Should
Know Before Building or Buying
A bigger DSA bloc is coming to Albany. Real estate is
bracing.
Queens man charged with deed theft from elderly woman with
dementia
Mortgage Defaults and Foreclosures Are Surging in Key
Markets: What Investors Need to Know
I Manage Everything in My Portfolio Myself. Here’s Why I
Still Keep a Passive Sleeve.
Lender can’t sidestep foreclosure at stalled Garment
District condo project, judge rules
When to Lower the Price of Your House in Today’s
Market
Habitat for Humanity shifts focus to outer boroughs
Where We’d Invest in Real Estate Right Now (12
Markets)
My Property Is Losing Money: Should I Sell or Pivot? (Rookie
Reply)
