Latest news with #MainstayCo-op
Yahoo
24-03-2025
- Business
- Yahoo
NYC ground lease co-op tenants in danger of losing their homes. Here's how to protect yourself from unfair rent hikes
Tenants in New York City's ground lease co-ops are sounding the alarm as they face increasing uncertainty over their homes. At Mainstay Co-op in Flushing, residents own and maintain their building but don't own the land beneath them, leaving them vulnerable to eviction, rent hikes or even demolition. I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) Nervous about the stock market in 2025? Find out how you can access this $1B private real estate fund (with as little as $10) Americans with upside-down car loans owe more money than ever before — and drivers can't keep up. Here are 3 ways to cut your monthly costs ASAP A ground lease — which is a long-term lease that gives the tenant permission to build on or improve the leased property — has traditionally offered an affordable path to homeownership. But now, with some leases set to expire in the coming decades, advocates warn that the city's 25,000+ ground lease co-op residents could be priced out of their homes. "We're a neighborhood of middle-class, working class and retired people and we have all of our equity tied up in this building," William Maiman, a longtime resident of Mainstay Co-op told CBS News New York. These New York residents, who've invested years of savings into their homes, are now at risk of losing both their equity and housing stability. Meanwhile, State Senator Liz Krueger is pushing for a bill that would cap rent hikes for ground lease co-op tenants to protect them from landlords taking advantage of expiring leases. The Real Estate Board of New York (REBY) argues that Krueger's potential bill could hurt property values and unfairly favor wealthier homeowners. A statement from REBY reads, in part, '...this bill was bad policy last session when it died, and it's bad policy now.' Some New York real estate lawyers, including Stuart Saft, call it unconstitutional, warning the bill could set a dangerous precedent for other contracts. On the other hand, attorney Jeffrey Mazel — who represents co-op residents — told CBS News New York the bill is crucial, noting that many residents weren't properly informed of the risks when they first purchased their homes. Many of these co-op tenants were shocked to learn of the potential threat to their housing situations. "I've been to meetings. I've seen people cry," Mazel says. For residents like Richard Wechsler of Mainstay Co-op, the situation feels deeply unfair. "Now I've got to pick up and find a new place? That's ridiculous,' he said. 'Why is that fair? That's not fair at all." As the debate over protections for ground lease co-ops continues, the future of thousands of New Yorkers hangs in the balance. Read more: Gold just hit a historic high of $3,000/ounce on Trump's tariff moves — while US stocks got slaughtered. Here's 1 simple way to prevent more pain within minutes As the Mainstay Co-op situation demonstrates, it's critical to do what you can to protect your housing budget and avoid unaffordable rent hikes. One of the first steps is understanding rent regulations in your state. In New York, rent-controlled and rent-stabilized apartments protect against excessive rent hikes. Rent control mostly affects units where tenants — or the tenant's lawful successor — have lived since 1971, while rent stabilization impacts most apartments built before 1974 with six or more units. If you find yourself facing a rent increase, negotiation is key. Start by researching local rent prices to see if the increase is in line with the market. If you've been a reliable tenant and have a good relationship with your landlord, you can try to use this to negotiate. Use online resources such as Brick Underground, which offers tips and email templates to help tenants negotiate with landlords. If you are a senior or a person with disabilities, New York City offers programs like the Senior Citizen Rent Increase Exemption and the Disability Rent Increase Exemption, which freeze rent increases if you're eligible. If you end up in a situation where you feel your tenant rights are being violated, be sure to seek legal assistance. Organizations such as the Legal Aid Society and Legal Services NYC offer free support to tenants. The New York State Division of Housing and Community Renewal also enforces housing laws and can help you understand your rights. Finally, if you can't afford to stay where you are, consider alternative housing options by researching more affordable neighborhoods or different types of housing. To navigate the competitive housing market, you need to stay informed and make use of available resources. Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Protect your retirement savings with these 5 essential money moves — most of which you can complete in just minutes This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
CBS News
11-03-2025
- Business
- CBS News
Thousands of New Yorkers risk eviction under ground lease co-op terms, advocates say
Residents of ground lease co-ops call themselves the unprotected tenants of New York City. While homeowners own and renters rent, ground lease co-op tenants do both at once. They own and maintain their building but not the ground it sits on, which belongs to a landlord. Advocates say nothing is stopping landowners from pricing out, evicting, or demolishing the homes of New York's estimated more than 25,000 ground lease co-op residents. Some will see decades-long leases expire in the coming years. "That's not fair at all" For tenants at Mainstay Co-op, it was an affordable path to home ownership, but now, they say they are vulnerable. "We're a neighborhood of middle-class and working-class and retired people, and we have all of our equity tied up in this building," Mainstay Co-op resident William Maiman said. "We're going to have to lose our home and probably can't even sell it," Linda Tse said. "We don't know what's in the future, and that's what frightening," Vivian Mason said. At Mainstay Co-op, some have sunk tens of thousands into home upkeep. "And now, I got to pick up and find a new place? That's ridiculous," Richard Wechlser said. "And why is that fair? That's not fair at all." "A poison pill for a building" Lawmakers, including State Senator Liz Krueger, say it's time these tenants had standard protections. She is pushing for Senate Bill S2433, which would cap rent hikes. But not everyone is buying in. "Instead of focusing on the mountain of pressing issues faced by every day New Yorkers, policymakers have chosen to try -- again -- to legislate a windfall for some of the wealthiest New Yorkers while throwing contract law into chaos. This bill was bad policy last session when it died, and it's bad policy now," The Real Estate Board of New York told CBS News New York. Real estate lawyer Stuart Saft calls it unconstitutional, and a slippery slope. "Then, the legislature could also decide that mortgages are no longer valid or that a contract between teachers and the teachers' union aren't valid," he said. Attorney Geoffrey Mazel, who represents co-ops, disagrees, insisting there's both precedent and public need. He says many who bought into these co-ops weren't properly warned of the risks. "I've been to meetings. I've seen people cry," he said. "It's really a poison pill for a building."
