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☆ A man who paid $200.57 for a night at a famous NYC hotel and then lived there rent-free for years is unfit to stand trial, court says
▼ + stars: | 2024-11-09 | by ( Alcynna Lloyd | Kenneth Niemeyer | ) www.businessinsider.com time to read: +4 min

Mickey Barreto lived in the New Yorker Hotel for free for years before his recent arrest. AdvertisementDoctors say a man who had lived inside the iconic New Yorker Hotel for free for more than half a decade is unfit to stand trial. Mickey Barreto lived in the New Yorker Hotel for years without paying a single cent in rent. In June 2018, Barreto and his partner, Matthew Hannan, stayed in room 2565 at the New Yorker Hotel for one night and paid $200.57. Although a judge ordered him to stop representing himself as the owner of the hotel, Barreto continued to live there for free.

Persons: Mickey Barreto, Barreto, Doctors, —, Cori Weston, Weston, Brian Hutchinson, Hutchinson, Alvin Bragg's, Matthew Hannan Organizations: New Yorker, Service, Manhattan District, New York Times, Times, Addiction, Mount, Business, Associated Press, Holy Spirit Association, Department of Environmental, Unification Locations: , New York, Mount Sinai, Hutchinson, Barreto's

☆ 4 major wins for YIMBYs on election night — and one loss
▼ + stars: | 2024-11-06 | by ( Eliza Relman | ) www.businessinsider.com time to read: +8 min

Many of the efforts were focused on allocating more funds for affordable housing. They voted for a slew of measures, most of which will create additional funding for affordable housing. Affordable housing bonds in Rhode Island, North Carolina, and BaltimoreSeveral cities and states along the East Coast voted on Tuesday to fund affordable housing bonds. Proponents of stricter rent control say preventing landlords from price gauging is key to protecting the most vulnerable tenants. Freemark argued that it's unclear what the mixed results on rent control mean for the pro-housing movement.

Persons: —, Donald Trump's, Yonah, Karen Bass, Angelenos, Charlotte, Hill, Anselmo —, Freemark, I'm Organizations: Service, Trump, Republican Party, Urban Institute, LA, East Coast, Orlando In, Denver Locations: Angeles, Los Angeles County, LA, Rhode Island , North Carolina, Baltimore, Rhode Island, homebuyers, North Carolina, Asheville, New Orleans, Orlando, Orlando In New Orleans, Orlando , Florida, Denver, California, Hoboken , New Jersey

☆ ‘It was humiliating.’ Evictions in these cities are worse than before Covid
▼ + stars: | 2024-07-24 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —A toxic mix of surging rental rates and vanishing support for renters has catapulted evictions above pre-pandemic levels in some major cities. Evictions have increased most significantly in Sun Belt cities where housing affordability has worsened and where renters often have fewer protections. Other cities, including Minneapolis (+44%) and Columbus, Ohio (+37%), are also experiencing higher levels of evictions than before the pandemic. Three-quarters of the 34 cities tracked by the Eviction Lab had evictions increase between 2022 and 2023. The vast majority of evictions are for issues related to nonpayment of rent, according to the Eviction Lab.

Persons: ”, Chris Salviati, Kristolyn Lloyd, you’re, ” Lloyd, —, Yuki Iwamura, “, Lloyd, ‘, ’ ” Lloyd, Diane Yentel, Brett Coomer, Jacob Haas, it’s, Haas, Heather Vargas, she’s, Vargas, ” Vargas Organizations: New, New York CNN, Princeton University ., Broadway, CNN, Bloomberg, Getty, Income Housing Coalition, Princeton’s, Houston, Harvest Time, Houston Chronicle, Investors Locations: New York, Sun Belt, Gainesville , Florida, Houston, Nashville, Fort Worth , Texas, Minneapolis, Columbus , Ohio, Columbus, Las, New York City, Covid, Manhattan, Queens, Texas, Florida, Atlanta, Las Vegas, Phoenix, Harris, South Carolina, Philadelphia, Wilmington , Delaware, Miami, Cleveland, San Diego, Citrus, Califonia, ”

☆ 26-year-old won the NYC housing lottery, pays $881/month for a 1-bedroom apartment: How the process works
▼ + stars: | 2024-07-20 | by ( Celia Fernandez | ) www.cnbc.com time to read: +10 min

Nahjae Olin won the NYC housing lottery in 2023 and signed a lease on a one-bedroom apartment in the Bronx. She and five of her siblings grew up in a one-bedroom apartment just one block away from the place she now calls home. Molly Stromoski for NYC Department of Housing Preservation & DevelopmentThe New York City housing lottery program helps residents find affordable housing, including rent-stabilized apartments. NYC Housing ConnectThe average ratio for HPD's housing lottery is 50 applications for each available unit. Before winning her housing lottery apartment, Nkenge lived in a small one-bedroom in Harlem.

Persons: Nahjae Olin, Olin, Molly Stromoski, Emily Osgood, Osgood, you've, It's, she'd, . Olin, I'm, Development Olin, you'll, Nkenge, Mickey Todiwala, That's, I've Organizations: CNBC, NYC Department of Housing Preservation, New, of Housing Preservation, Development, Yorkers, AMI, Housing, . Locations: Bronx, Bronx , New York City, New York City, New York, housingconnect.nyc.gov, Brooklyn, Williamsbridge, U.S, Harlem, Manhattan, Nkenge's

But Nkenge's dream became a reality when she was selected for a one-bedroom apartment through the city's housing lottery in 2023. The New York City housing lottery program helps residents find affordable housing, including rent-stabilized apartments. The Department of Housing Preservation and Development defines affordable housing as housing costs no greater than 30 percent of a single person's or family's income. Nkenge applied to the NYC housing lottery for three years before she got her one-bedroom apartment in Flatiron. Before winning her housing lottery apartment, Nkenge lived in a small one-bedroom in Harlem.

Persons: Nkenge, Mickey Todiwala, That's, I've, It's Organizations: New, of Housing Preservation, Development, CNBC, Housing, Department of HPD's Locations: New Yorker, Bronx, Harlem, New York City, Flatiron, Brooklyn, Manhattan, Nkenge's

☆ Apartment renovations go unfilled as landlords struggle with New York City's rent stabilization law
▼ + stars: | 2024-03-14 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApartment renovations go unfilled as landlords struggle with New York City's rent stabilization lawCNBC's Leslie Picker reports on the fallout from New York City's rent stabilization law.

Persons: CNBC's Leslie Picker Locations: New York

☆ One New Yorker won $150,000 when she found out her landlord had been overcharging her. Now a bunch more tenants are using stabilization laws to get money back and pay cheaper rent.
▼ + stars: | 2024-02-28 | by ( Juliana Kaplan | Eliza Relman | ) www.businessinsider.com time to read: +13 min

AdvertisementAs TikTok becomes the new town square for all things economic transparency, the latest target of populist ire is New York City landlords. Several videos that have recently gone viral show viewers how to look into their rent histories and call out examples of potentially illegal hikes. Wait times for rent histories are now at 20 business days, up from 10 in late January, as a result of "social media activity." Klenkar has made TikToks about her old apartment and rent histories and has had "lots" of people reach out with their own rent histories. More may be on their way as New Yorkers seem to be requesting their rent histories en masse.

Persons: they've, —, Danielle —, Danielle, TikTok, it's, There's, they're, Allia Mohamed, She's, Mohamed, They've, he's, Carla —, Carla, Thomas Trutschel, Anna Klenkar, Klenkar, I've, Gothamist, DHCR, overcharge, Esteban Girón, shouldn't, It's Organizations: New York, Tenants, Service, Business, BI, Yorkers, New, US, Division, Housing, Community, Rent Administration, Rent, New York State Homes, Community Renewal, Tenant Union, Tenants PAC, Directors Locations: New York State, Cobble Hill, Brooklyn , New York, York City, New York, New York City, New, Washington Heights, Manhattan, Long Island City, Lower, Side, backpay

☆ A man who has lived in a New York City hotel rent-free for 5 years may finally have to move out
▼ + stars: | 2024-02-17 | by ( Kenneth Niemeyer | Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Read previewA New Yorker successfully lived in the iconic New Yorker Hotel building for half a decade without paying a single cent in rent — but the jig is up. Police arrested Mickey Barreto last week and charged him with filing fraudulent property records after attempting to claim homeownership of the hotel, according to the Manhattan District Attorney's Office. For the Manhattan district attorney, it was the last straw. Advertisement“As alleged, Mickey Barreto repeatedly and fraudulently claimed ownership of one of the City’s most iconic landmarks, the New Yorker Hotel,” Alvin Bragg, Manhattan district attorney said in a statement. Business Insider reached out to Barreto through his company, Mickey Barreto Missions, but didn’t hear back before publication.

Persons: —, Mickey Barreto, Prosecutors, Barreto, Alvin Bragg, Barretto couldn't, ” Barreto Organizations: Service, Yorker, New Yorker, Police, Manhattan, Attorney's, Business, New York, Holy Spirit Association, DA, New York City Department of Environmental, Unification Church, Mickey Barreto Missions, Associated Press Locations: Manhattan, New

☆ A California Airbnb host didn't register his home properly, and now can't get rid of a guest who overstayed 541 days and counting
▼ + stars: | 2023-10-05 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

An Airbnb host failed to register his guesthouse properly, leading to a protracted legal dispute. A judge ruled the host has no legal right to remove her because the home is noncompliant. A judge has ruled that he has no legal right to evict the woman, per the Los Angeles Times. A tense exchange ensued until Hirschhorn's originally scheduled Airbnb stay ended on March 19, 2022. Walshok and Rucci, the legal representatives for both parties, did not immediately respond to Insider's requests for comment.

Persons: —, Sascha Jovanovic, Jovanovic, Elizabeth Hirschhorn, Jovanic, Hirschhorn, Hirschhorn's, Airbnb, Sebastian Rucci, Rucci, Colin Walshok, Walshok Organizations: Service, Los Angeles Times, Daily Mail, Times, Department of Building Locations: California, LA

☆ The Supreme Court just rejected an effort to get rid of rent stabilization in New York
▼ + stars: | 2023-10-02 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

The Supreme Court refused to hear a case challenging New York's rent stabilization law. AdvertisementAdvertisementThe US Supreme Court on Monday refused to hear a case challenging New York State's rent stabilization laws covering one million households in New York City. The plaintiffs — the Rent Stabilization Association, the Community Housing Improvement Program, and individual landlords — filed their suit in 2019 after New York reformed its 1969 law, adding new limits to how much landlords can raise rent. This is the second time since 2012 that the Supreme Court has refused to hear a case challenging New York's rent stabilization laws. And there's also Supreme Court precedent in support of tenants — specifically the 1992 case Yee v. City of Escondido in which the court upheld a California eviction restriction.

Persons: —, they've, there's, Yee Organizations: Service, New York, Rent Stabilization, Housing, Circuit, City of Locations: York, New, New York City, City, City of Escondido, California

☆ YIMBY Movement Is Winning: Build More Houses, Lower Home Prices, Rents
▼ + stars: | 2023-09-07 | by ( Eliza Relman | Kelsey Neubauer | ) www.businessinsider.com time to read: +15 min

The adherents of the "Yes In My Backyard," or YIMBY, movement believe that America's housing crisis comes down to the fundamental tension between supply and demand. Today, nearly 75% of residentially-zoned land in the US is restricted to single-family housing — detached homes designed for one family. Folks are like, 'Oh, we're in a housing crisis for the very first time. Ground zero for the modern YIMBY movement was California, where sky-high home prices forced people to reconsider their attitudes toward development. The city didn't allow new multiunit buildings to be taller or wider than the single-family homes they replaced, making construction less financially attractive to developers.

Persons: Nolan Gray, YIMBYism, Sonja Trauss, Trauss, YIMBYs, NIMBYs, Gray, I'm, —, Bill, They've, Tayfun Coskun, Muhammad Alameldin, Emily Hamilton, We're unwinding, Jenny Schuetz, Greg Gianforte, California YIMBY, Republican Sen, Todd Young, Democratic Sen, Brian Schatz, Eliza Relman, Kelsey Neubauer Organizations: San, San Francisco Bay Area, Urban Institute, Twitter, of Regional Planning, Public, Cato Institute, University of California, Berkeley Terner Center, Housing, George Mason University, Conservative, Brookings Institute, Republican, Todd Young of Indiana, Democratic, Hawaii Locations: California, San Francisco Bay, San Francisco, I'm, Los Angeles County, Florida, Utah, Minneapolis, Oregon, Austin, Dallas, Seattle, Portland , Oregon, Denver, New York, Texas, YIMBYism, We're, Bozeman, Montana, Miami

☆ The Brooklyn landlord everyone hates could soon come to your neighborhood. Tenants warn these private equity groups are raising rent and ignoring maintenance issues.
▼ + stars: | 2023-08-16 | by ( Eliza Relman | ) www.businessinsider.com time to read: +4 min

Private equity firms have bought up hundreds of smaller apartment buildings in trendy New York neighborhoods. Private equity firms own a very small, but growing, fraction of American real estate. Some argue that private equity, hedge funds, and other institutional investors are a convenient target and are being unfairly blamed for the nation's worsening housing affordability crisis. The recent increase in private equity purchases, particularly of single-family homes, has drawn scrutiny, including from Congress, over the last few years. Democrats also couldn't reach agreement on measures that would have boosted tenant protections, including rent stabilization and eviction protections.

Persons: Kathy Hochul's, Hochul Organizations: Service, Carlyle Group, The New York Times, Conway Capital, Peak Capital Advisors, Times, Institutional, New York Gov, Democrats Locations: New York, Brooklyn, Wall, Silicon, gentrifying, Queens, Bushwick, Bedford, Stuyvesant, Williamsburg, Ridgewood , Queens, York City, Brooklyn's Gowanus

☆ An NYC real estate investor explains why the 'golden age' of being a landlord is over and he's switching to 'safer' investments
▼ + stars: | 2023-04-04 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

A major NYC landlord told Bloomberg this week that he's selling off the bulk of his properties. He says the shifting political power of tenants and increased costs of being a landlord are why. Ben Carlos Thypin told Bloomberg this week on the "Odd Lots" podcast that he's pursuing an "orderly liquidation" of his properties. Power is slowly shifting from landlords to rentersWhen directly asked by Bloomberg about whether there ever was a "golden age" for landlords, Thypin pointed to research showing how policies in the 1950s helped create a boom for property owners. She added that real estate policies tend to target the creation of new properties, rather than protecting tenants in existing ones.

☆ European Central Bank says bitcoin is on the 'road to irrelevance'
▼ + stars: | 2022-11-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The European Central Bank gave a strong critique of bitcoin on Wednesday, saying the cryptocurrency is on a "road to irrelevance." "More likely, however, it is an artificially induced last gasp before the road to irrelevance — and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD16,000," they wrote. Bindseil and Schaff said that bitcoin didn't fit the mold of an investment and wasn't suitable as a means of payment, either. "Bitcoin's conceptual design and technological shortcomings make it questionable as a means of payment: real Bitcoin transactions are cumbersome, slow and expensive," they wrote. "Bitcoin has never been used to any significant extent for legal real-world transactions."

☆ Inside a $1,300 a month rent-stabilized two-bedroom apartment in Manhattan
▼ + stars: | 2021-03-27 | by ( Cory Stieg | ) www.cnbc.com time to read: +1 min

Many New Yorkers dream about getting to live in a coveted rent-stabilized apartment — because it means that rent is often unfathomably cheaper than market value. When Kolp and her parents moved into the 1,500-square-foot two-bedroom apartment in 2002, they paid a little less than $1,000 a month. Today Kolp's rent is $1,300 a month. To put that in perspective, the median asking rent for a two-bedroom apartment in the Upper West Side is $4,000 a month, according to StreetEasy data from Feb. 2021. "It's the hugest blessing of my life because I would not be able to afford an apartment of the size on my teacher salary."

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