The city’s unemployment rate in June went to 8.7 percent from May’s 8.6 percent, the state Department of Labor reported.
The one-month rise was not itself a significant increase, but after falling consistently each month for nearly a year starting last spring, there have now been four consecutive months without a noticeable decline in the city’s jobless rate.
Most of the drop in the rate from its 10 percent peak has come not from significant job gains but as a result of discouraged job seekers leaving the work force.
The city added 51,400 private sector jobs in the 12 months ending in June. The 1.6 percent growth rate, “is pretty good by historical standards,” according to James Brown, principal economist at the labor department.
Rental rigmarole challenges prospective tenants
With a vacancy rate in Manhattan of under 1 percent, apartments sometimes rent in hours, not days or weeks. Good tenants are not that hard to find. On top of that, evicting problem tenants can be expensive and time-consuming.
So, as the New York Times observes, most landlords here require a lot of information.
They want to see a prospective tenant’s tax returns, pay stubs, bank statements, proof of employment, photo identification and, sometimes, reference letters from previous landlords.
Everyone will run a credit check (many Manhattan landlords look for a score above 700) and just about all, from big management firms to small-time landlords, want to know that your gross income is somewhere between 40 and 50 times the monthly rent.
Luxury sales in the East End Continue reading
Twenty-two single-family homes and five co-ops are to be auctioned by the King’s County public administrator on Tuesday, June 28 at 2 p.m.
The properties, which were owned by individuals who died without wills, have minimum bids ranging from a low of $65,000 to as much as $3.6 million.
Pictured below, the $3.6 million townhouse, which is in the heart of downtown Brooklyn across from the City Point development, went on the block last December with an upset price of $4 million. There were no bidders.
In fact, the auction was lackluster, so other unsold properties that went on the block six months ago have reappeared as well.
However, Continue reading
My coverage of New York City news likely will be sporadic over the next couple of weeks, but please do check here to catch up with important developments or perhaps my idle musings.
It takes longer to foreclose on homes in New York than in any other state—and it’s getting longer every month.
Two years ago, the state began requiring that banks and borrowers attend settlement conferences before a foreclosure takes place.
While the conferences are popular with borrowers and have succeeded in helping some families keep their homes, banks have been reluctant to participate. That, and recent revelations that some lenders have improperly submitted foreclosure documents, has prompted judges to take a harsher stance with lenders.
CUOMO IS UNRELENTING ON PLEDGE TO CAP PROPERTY TAXES
Gov.-elect Andrew M. Cuomo is making clear to legislative leaders that one of his priorities is to cap local property taxes, a notion that would have large consequences statewide for homeowners and school districts.
Cuomo is proposing a limit on the total amount of property tax dollars that can be collected annually by a school district, municipality or special district by capping the increase in the local tax levy at 2 percent or the rate of inflation, whichever is less, according to his campaign literature. Schools traditionally receive the largest share of property taxes.
A cap would not directly affect New York City, where property taxes are relatively low because of revenue from the city’s personal income tax and where the schools are financed through the general city budget. But outside the city, New York is among the most heavily taxed states in the country.
D’YA THINK THIS NOMAD MIGHT HAVE A BOOK OR MOVIE DEAL IN THE BACK OF HIS MIND OR HIGHEST OF HIS HOPES?
Ed Casabian’s nomadic existence Continue reading