Sherwin Belkin, Co-Founding Partner, was quoted by The Real Deal in the article titled “Suddenly, controversial co-op bill gets new life.” A proposed bill to limit ground lease rent increases for co-op shareholders and give them renewal rights gained momentum in the New York Senate but faced opposition for potential constitutional violations. Mr. Belkin stated that, “[he] views the bill as part of a “disturbing trend of legislative overreach.” He noted that, typically, the fee owner and the co-op are able to renegotiate leases rather than have the building revert to a rent-stabilized property.” #RealEstateLaw #Legislation #RealEstate #BBGLLP #TRD
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Washington State's acknowledgment requirement for real estate leases has been removed, providing more flexibility and certainty for lease transactions. Learn more about this important reform in this Perkins Coie LLP Update. #RealEstate #RealEstateLaw #LeaseAgreements #WashingtonState
Washington State Removes Acknowledgment Requirement for Real Estate Leases | Perkins Coie LLP
perkinscoie.com
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Washington State's acknowledgment requirement for real estate leases has been removed, providing more flexibility and certainty for lease transactions. Learn more about this important reform in this Perkins Coie LLP Update. #RealEstate #RealEstateLaw #LeaseAgreements #WashingtonState
Washington State Removes Acknowledgment Requirement for Real Estate Leases | Perkins Coie LLP
perkinscoie.com
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Washington State's acknowledgment requirement for real estate leases has been removed, providing more flexibility and certainty for lease transactions. Learn more about this important reform in this Perkins Coie LLP Update. #RealEstate #RealEstateLaw #LeaseAgreements #WashingtonState
Washington State Removes Acknowledgment Requirement for Real Estate Leases | Perkins Coie LLP
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Read Piers Harrison's essential overview of the new Leasehold & Freehold Reform Act 2024: https://ow.ly/oQOC50SiCg4
The Leasehold and Freehold Reform Act 2024 – An Overview - Tanfield Chambers
https://www.tanfieldchambers.co.uk
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Thanks to Lord Bailey of Paddington for his proposed amendments to the Leasehold and Freehold Reform Bill, in pursuit of "a fairer deal" for shared owners, and "the same benefits as other leaseholders". Specifically in seeking further information from the Secretary of State on plans including (but not limited to): * ensuring that shared owners benefit from the same lease extension rights as other tenants, including a right to extend their lease to 990-years; and * service charge liabilities being pro-rated according to the shared owner’s proportion of the equity. (Summary in the YourMoney.com feature below. Full details can be found in the Fourth Marshalled List of Amendments for the Bill). #SharedOwnership #LeaseholdReform #AffordableHousing #AffordableHomes https://lnkd.in/eey86ZaN
'Fairer deal’ proposed for shared ownership under leasehold reform
https://www.yourmoney.com
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Leader 🦁, Advocate ✊🏾, NYC Realtor® 👨🏾💼🏠 serving Manhattan🗽and the surrounding markets 🌉
The recent amendments to the ground lease co-ops bill shed light on a critical intersection of housing affordability and legislative action. Ground lease co-ops are unique in that shareholders own shares in the cooperative corporation that owns the building but not the land beneath it. For this land, they pay rent under long-term leases. These leases, typically lasting 99 years, can see substantial rent increases during periodic resets, significantly raising monthly charges for residents. The bill, amended by Sen. Liz Krueger, aims to limit these rent increases to 3 percent annually or the rate of the Consumer Price Index, whichever is greater. Additionally, it grants co-op shareholders the right to renew their leases and the first right of refusal if the landowner decides to sell. Supporters argue that the bill is essential for protecting middle-income residents from exorbitant rent hikes, ensuring fairness and stability. Opponents, however, claim it constitutes an unconstitutional intrusion on private contracts and would primarily benefit wealthy shareholders, not addressing broader housing affordability issues. This debate emphasizes the broader challenges in balancing tenant protections with property rights. As the legislative session nears its end, the outcome remains uncertain, but the dialogue is crucial for addressing New York’s ongoing housing crisis. The real estate community must closely monitor these developments and prepare for potential impacts. #HousingAffordability #LegislativeAction #GroundLeaseCoops #TenantProtections #RealEstateNews #NewYorkHousingCrisis #PropertyRights #CoopShareholders #RentControl #RealEstateLegislation
The Real Deal has an article today (6/6/24) regarding a pending bill that would impair the ground lease that NY cooperatives sit on. A ground lease requires that the coop corporation pay rent to the ground lessor. The ground lease is for a fixed term, after which a new ground lease must be negotiated. The NYS legislature has a pending bill that would set the ground lease rent post lease expiration. The article can be found at https://lnkd.in/eihEsJkQ I'm quoted as noting that this is another example of incredible legislative overreach. Among my reasons are the following: 1. The legislature has not cited to a plethora of instances where new ground leases haven’t been negotiated. The reason: that’s not what has occurred -- The bill remedies a nonexistent problem. 2. If a new ground lease is not negotiated, shareholders do not become homeless. Shareholders become Rent Stabilized tenants. 3. Because the coop is on a ground lease, shareholders bought apartments at significant discounts. The bill would reward shareholders at both ends of the ground lease. 4. That this was on a ground lease would have been highlighted as a SPECIAL RISK in the coop plan. Purchasers were on clear notice about the risk and ramifications of a ground lease. 5. The courts have historically avoided becoming involved in a coop’s internal affairs, holding that a coop is a corporation and is guided by the business judgment rule. 6. Streeteasy reveals that many rentals at ground lease coops (particularly in Manhattan) are by absentee shareholders who never live at the building. This is not a housing issue for them; purely an investment; just as the ground lessor has an investment. The legislature should not pick winners and losers. This bill barely got out of the judiciary committee by a 10-8 vote, with those opposed offering significant reasons why this bill is unconstitutional, both as a taking and a violation of the Contracts Clause. The majority of the legislature must heed that warning and not pass this tainted bill into law. @belkinburdengoldman llp #housing #legislation #cooperatives #groundlease
Co-op Ground Lease Bill Opposed by Real Estate Gets New Life
therealdeal.com
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The Leasehold Reform Bill is a proposed change to the law which, if passed, will alter some of the rules and regulations around leasehold properties. Rightmove recently published an article giving a little more information about the subject. This is what they had to say: #Leasehold #LeaseholdReform #Jesmond #Gosforth #Newcastle #Property #housingmarket https://lnkd.in/dq2ZdhiS
What is the Leasehold Reform Bill? - Bailey & Co
bailey-and.co
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When tenants want to break a lease, landlords often have recourse to the way it is drafted and the preconditions in particular – but should in turn be aware of legislation protecting tenants 🏘 🏫 In this article our real estate experts discuss... 💡 Lease wording crucial in common preconditions 💡 Landlords exercising breaks must beware legislation 💡 Agreement and advice can help avoid litigation Read the full article here > https://lnkd.in/eKe6HV2E #RealEstate #CommericalRealEstate #LandlordAndTenantAct
Why preconditions are critical to lease breaks in England and Wales
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Founding Partner at Belkin Burden Goldman, LLP
1moIf a ground lease can be invaded by the legislature, how can anyone believe that any contracts are not potentially subject to future legislative invasion? Incredibly dangerous concept that the NYS legislature is considering!