According to the Census Bureau, the U.S. homeownership rate has consistently hovered around 66% for some time, but this does not mean purchasing a home—rather than renting—is the right choice for everyone. The decision to rent or buy is one that can cause heated debates, and while the American Dream was to own a house with a white picket fence, that may not be the American Dream for people today. With that being said, both [...]
Tricky succession issues are cropping up in many co-ops when it comes to who can inherit apartments when a shareholder dies. Old, and often outdated, proprietary leases stipulate that upon the death of a shareholder, his or her cooperative shares and accompanying proprietary lease may be transferred to a surviving spouse without the consent of the cooperative board. With the definition of family changing, however, boards need to make sure their corporate documents reflect the times — and the will of the majority [...]
The initial phase of New York City Local Law 18, also known as the Short-Term Rental Registration Law, went into effect in New York City on Tuesday, September 5th, 2023. Enforcement of Local Law 18 is expected to significantly reduce the number of illegal, short-term rental listings – i.e. listings for less than thirty (30) consecutive days – available in New York City, especially on major online booking platforms such as Airbnb and VRBO. Under [...]