Recently, the Real Estate Board of New York (REBNY), a politically powerful trade group, has joined forces with the city’s hotel industry organizations in an effort to stamp out advertised short-term rentals and companies, like Airbnb, that thrive on them. On June 17, both houses of New York’s legislature passed a bill that will dispel remote tenants from advertising their units for short-term rentals. Should New York Governor Andrew Cuomo sign the bill into legislation, the building’s owner, not its tenants who advertise the rental listings, will be fined for violations. Continue reading “NY Building Owners Beware: Advertised Short-Term Rentals of Your Units May Cost You”
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HUD Guidelines Bring Complex Issues for New York Real Estate
Last April, the U.S. Department of Housing and Urban Development (HUD) announced its new guidelines on fair housing. A housing provider may not refuse to rent or renew a lease to an individual based on his or her criminal background and those who do may be in violation of the New York Fair Housing Act. Prior to this action, denying someone housing based on past criminal records was not considered discriminatory.
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How the Establishment of a Power of Attorney Can Benefit Loved Ones
With baby boomers entering retirement age, more adult children are undertaking the role of caregiver to meet their loved ones’ needs. According to the National Alliance for Caregiving and AARP, as many as 34.2 million Americans have provided unpaid care to an adult age 50 or older in the last 12 months. Caregivers are often called upon to assist with a loved one’s estate plan to ensure that his or her wishes for assets and health are met. An important aspect of estate planning is power of attorney, a document that authorizes someone to make and implement financial and other important decisions.
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Divorce Mediation
Many people going through a divorce choose the sensible and amicable path of Divorce Mediation rather than expensive and acrimonious litigation. Mediation can save the parties many thousands of dollars, as opposed to litigation, and can achieve superior results, because the parties are in control.
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Estate Planning Considerations for Military Personnel
As members of the armed forces, military servicemen and servicewomen put their lives on the line every day to protect the lives and freedom of the American people. A person’s estate encompasses everything from a home, cars, jewelry and other tangible possessions to savings and checking accounts, retirement funds, insurance policies, small business and survivor benefits. It is important for our fighting men and women to establish a plan to protect their loved ones from financial hardships, reduce taxes, assign children’s guardianships and allow assets to be passed to beneficiaries quickly and without emotional stress or conflict.
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How Updates to the Overtime Exemption Rule Affect New York Businesses
Recently, the United States Department of Labor released the final updates to the Fair Labor Standards Act (FLSA), doubling the annual salary threshold from less than $23,660 to $47,476, under which most salaried employees fall. The update will extend overtime availability to 4.2 million workers to receive time-and-a-half wages for every hour they work beyond 40 hours a week. Continue reading “How Updates to the Overtime Exemption Rule Affect New York Businesses”
For Better or For Worse: Divorce and Social Media
Social media networks and digital communication have altered 21st-century relationships. Designed as a means of bringing people together, more couples today are contributing to their breakups or divorces by posting nasty comments about each other on social media. Many couples are unaware of the consequences these posts have on divorce settlement negotiations as well. Continue reading “For Better or For Worse: Divorce and Social Media”
Developers Pay above Market Rate for Air Rights over Pier 40
Two developers — Westbrook Partners and Atlas Capital Group — recently announced an agreement to pay $100 million to acquire 200,000 square feet of air rights over Pier 40 for a proposed mixed-use development. The amount is 33% above the valuation of the air rights. The air rights were valued at $75 million, based on an appraisal commissioned by the owner, Hudson River Park Trust.
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Setting Up an IRA LLC
If you’re thinking of using your retirement funds to help fund your real estate investing, it won’t be long before you come across the concept of a self-directed IRA LLC. Continue reading “Setting Up an IRA LLC”
New York’s Proposed Paid Family Leave Act Benefits Businesses
Currently, under the federal Family and Medical Leave Act (FMLA), an employee can take time off for family events, such as to care for an ill family member or when a child is born. Employees are only eligible when they work at companies with 50 or more employees, unless they work at designated governmental organizations or schools. Under FMLA, an employee can take up to 12 weeks of work off that are uncompensated. Although the employee is not paid for the time they do not work, their job is secure for that period of time.
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