Rockefeller said the rent restrictions
were limiting housing construction, and that he signed the law to "deal with housing problems severely worsened by rent control itself," the New York Times reported.
Consequently, GAO recommended in 1989 that Congress remove all rent restrictions
and not mandate any further restrictions, and the most restrictions have been lifted.
He addresses rent restrictions
characterizing the Low Income Housing Tax Credit Program, the subsidy process, tax assessment issues, and the Uniform Standards of Professional Appraisal Practice requirements.
42 and also sets the maximum allowable area median gross income (AMGI) for the determination of income and rent restrictions
. All tax credit properties are under one of two federal set-asides, known as either the 20/50 or the 40/60 set-aside.
"Almost everywhere else in Europe has controls over rent - there are even rent restrictions
in New York,"" he said.
Also, 121 of the 520 rental units will be designated affordable, with long-term income and rent restrictions
, while the remaining will be market-rate, the company stated.
If the agency is unable to find a buyer within 12 months, the owner has an option to terminate the LURA and sell as free market property, which is potentially more valuable without any rent restrictions
, Taylor says.
During this decontrol time, the rent restrictions
remain in place for existing tenants; however, new tenants may be charged market rates.
Without tenant protection requirements, tenants in over 101,000 units that do not receive rental assistance may have to pay higher rents or move when the HUD mortgages on these properties mature and rent restrictions