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Record amount of US office space lies empty

Record amount of US office space lies empty
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Condo Conversions Plunge 80% After Rent Law: Report

Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock)
Changes to New York’s rent laws dealt a severe blow to the business of condo conversions, according to a new study.
In the year following the June 2019 passage of the Housing Stability and Tenant Protection Act, just five condo conversion plans were submitted to the Attorney General’s office, the lowest level since the 1960s. In the previous five years, an average of nearly 24 conversion plans were filed each year, according to a recent report prepared by the Steven L. Newman Real Estate Institute at Baruch College.
The report attributes the steep drop-off to the new law, which stipulates that 51 percent of tenants in a rental building must agree to buy their unit for a conversion to take place. Before June 2019, the required threshold was just 15 percent of tenants, or so-called “insiders.” ....

New York , United States , Michael Mcweeney , Yildiray Yildirim , Roberta Axelrod , Francis Greenburger , York State Department Of Labor , Us Census Bureau , Furman Center , Time Equities , Housing Stability , Tenant Protection Act , Attorney General , Real Estate Institute , New York State Attorney General , New York State Department , New York City , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , யார்க் நிலை துறை ஆஃப் தொழிலாளர் , எங்களுக்கு மக்கள் தொகை கணக்கெடுப்பு பணியகம் , ஃபர்மேன் மையம் , நேரம் பங்குகள் , வீட்டுவசதி ஸ்திரத்தன்மை , வாடகைக்காரர் ப்ரொடெக்ஶந் நாடகம் , வழக்கறிஞர் ஜநரல் ,