A SALT cap surprise (so far) by E.J. McMahon | NY Torch

The newly enacted federal income law provision limiting state and local tax (SALT) deductions "is likely to substantially decrease home values" in New York, Connecticut, Maryland and New Jersey.

That's a key claim of the lawsuit filed by the four states against the Trump administration today with the goal of having the $10,000 SALT deduction cap declared unconstitutional.

Rent control for “millionaires”? by E.J. McMahon | | NY Torch

The tenant household income threshold at which a landlord could initiate "luxury decontrol" of a New York City apartment would be raised to $300,000 under rent regulation extender bills passed by the state Assembly yesterday. This is well above...

A social reason to reconsider public-pension return targets? by Nicole Gelinas | | NY Torch

At today's Bloomberg LINK Cities & Debt Briefing in TriBeCa, Arizona Treasurer Dean Martin moments ago offered a different perspective on why public-pension funds should perhaps ease up on trying to achieve 7-8 percent annual returns. Leaving aside the drier academic argument over whether 7-8 annual return targets are unrealistic...

City takes a pass on construction savings NY Torch

Union leaders, contractors and real estate developers are trying to reach a new "project labor agreement" (PLA) to cut costs on private construction projects in New York City.   But while Mayor Blomberg is reportedly anxious to participate in a new...

Head-scratcher NY Torch

The Wall Street Journal reports today that the town of Avondale, AZ, will use a $2.5 million grant from the federal government's "Neighborhood Stabilization Program," signed into law by the president in July, in part to "build two additional rental u...

The commercial real estate comedown NY Torch

The Times today reports that the amount of commercial real estate on the market in Manhattan has doubled since last year, and that rents are down "20 to 30 percent from the going rents at the end of the summer — to around $75 to $80 a square foot a...