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David Pfeffer Featured in Law360 Feature Article on NYC Real Estate Legislation, Regulation to Watch in 2019

January 2, 2019

Construction chair David Pfeffer was extensively quoted as a source in Law360’s year-end feature article, "NYC Real Estate Legislation, Regulation to Watch in 2019.” The article covered trends in the legislation and regulation areas that top real estate lawyers in New York will be watching in 2019, and included rezoning in various neighborhoods and the many questions that arise with short-term rentals, which are currently illegal in New York.

In terms of rezoning, the article points out that New York City has some of the oldest zoning codes among U.S. cities and is in the middle of rezoning various neighborhoods. As a result, lawyers will be looking to see what zoning changes come to fruition in 2019. David noted that the rezoning of neighborhoods in NYC is a trend that is picking up and that the changes that we are going to see “are based on the desire of smart young people wanting to live in New York City..."I think everything we're seeing here can trace its way back to that. It's really important for the city, and important in all aspects of our economy. Not only business and technology, but also the arts."

On short-term rentals, of which NYC has not embraced by making changes to city codes to allow for them as have other U.S. cities, David noted that the question of how to deal with short-term rentals in the city will remain an issue in 2019. David noted that one of the challenges to legalizing and regulating short-term rentals in New York is due to the fact that the city code has strict rules about requirements for short-term housing – such as the safety systems that need to be in place in the building – and so that’s why it’s impossible to simply rent out a room in one’s apartment – they most often just don’t meet the necessary safety requirements.

He also discussed the issue of negative public perception of short-term rentals in apartment buildings, noting, "People who move into a building as their permanent abode ... don't want to see people coming and going every night ... with suitcases. They didn't sign up to live in a hotel…The city still is not embracing companies like Airbnb."

Read the full article.

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