Adams Names Top Housing Advisor – POLITICO

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– Mayor Eric Adams named the best apartment in his administration leadership on Sunday and named Jessica Katz chief housing officer and Adolfo Carrión Jr. commissioner for the Department of Housing Preservation and Development.

– Gov. Kathy Hochul has requested an additional $1.6 billion in rent relief Funding from the US Treasury, with the state’s renters and landlords program currently running out of money.

– Former NYPD Commissioner Dermot Shea joins Related Companies as president of commercial real estate management and oversaw the company’s properties in Manhattan, including Hudson Yards.

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CITY HALL MOVES — Adams appoints top housing officials, by POLITICO’s Erin Durkin: Mayor Eric Adams on Sunday named his top housing workers, appointing Jessica Katz as the city’s chief housing officer and Adolfo Carrión Jr. as the commissioner for the department of housing preservation and development. The announcements come amid a rocky transition that has delayed some of Adam’s personnel changes and controversy over his decision not to appoint an assistant mayor for housing. Adams brushed off those concerns at a City Hall news conference on Sunday – but also acknowledged that the dominance of crime concerns drowned out some other issues in his first few weeks in office. “We are concentrating on housing. That’s my #1 agenda. And people who want to look at the roadmap or the org chart to see how I’m going to execute my plan are making a big mistake,” Adams said at a press conference at City Hall. Experts have criticized the lack of a deputy mayor for housing, POLITICO previously reported.

HOUSEHOLD – Hochul demands of POLITICO’s Meghan Brink: Gov. Kathy Hochul has requested an additional $1.6 billion in renter assistance from the US Treasury Department as funds for the state program run out. The urge for additional funding comes as the state’s moratorium on evictions expired earlier this month, and renters and landlords are demanding the state address widespread needs across New York. Hochul’s proposal would help 174,000 renters, she said. The state Supreme Court last week ordered the Emergency Rental Assistance Program (ERAP) application portal to reopen despite a lack of available funds. The state stopped accepting applications for the program in November. “Our appeal for the Treasury Department to review its redistribution formula to prioritize high-tenant states like New York is the latest in our continued and vigorous advocacy for those still feeling the financial impact of the pandemic,” Hochul said in a statement on Thursday.

FERRY CLOCK – “NYC Ferry Starts Flowing Through Taxpayers’ Money,” by THE CITY’s Katie Honan: “Meeting records of the city’s Economic Development Corporation show that last month its board approved up to $62 million in new spending to get the boat network up and running — including the city’s taxpayers’ money for the first time.” Former Mayor Bill de Blasio’s Budget Office provided a $23.2 million infusion before he left City Hall late last year, according to EDC, an aid that was previously unreported. Previously, EDC funded the ferry itself, which is operated by private company Hornblower Cruises. The company calculates the subsidy for the year ended June 30 at $8.59 per passenger per trip. EDC has already diverted proceeds from its Times Square real estate holdings to help fund the costly maritime transit system that de Blasio introduced in 2017.”

tax talks – “Last Stand: Property Tax Reformers Recruit Lander to Lawsuit,” by Suzannah Cavanaugh of The Real Deal: “It’s been a tough five years for Tax Equity Now New York. Since 2017, the group has been pursuing a legal challenge to reverse the city’s property tax system. No luck so far. First, the city and state, both defendants in the lawsuit, reached a court to dismiss claims that the system violated the state constitution. TENNY appealed, only for the state’s highest court to decline to hear the lawsuit, ruling that it did not raise a “material constitutional issue.” But TENNY had kept some powder dry. It went back to the lower courts with a new argument: that the system violated state and federal fair housing laws. That, too, was shot down, but last month the group filed an appeal in hopes that the state’s highest court will agree that the issue is critical and the court must act rather than let politicians settle the issue solve.”

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INDUSTRY MOVES – “NYPD Former Top Cop Moves to Real Estate with Associated Cos. Role,” by Bloomberg’s Natalie Wong: Related Cos., the real estate company founded by billionaire Stephen Ross, has hired former New York City Police Commissioner Dermot Shea to manage its Manhattan properties. Shea, 52, joins Related as President of Commercial Property Management and will oversee the operations of the company’s properties in New York, including Hudson Yards and the Deutsche Bank Center at Columbus Circle. Shea, who grew up in Queens and graduated from Xavier High School in Manhattan, joined the NYPD in 1991. He took over as commissioner under Mayor Bill de Blasio in 2019 before retiring late last year. It’s common for senior New York City police officers to end up in the corporate world after retirement, but the new job in real estate marks a career turning point for the veteran cop. Related declined to disclose his salary.”

HOTEL WOES — “The hotel industry is missing 25,000 jobs, but it still can’t hire workers”, by Cara Eisenpress von Crain: “New York City’s hotel industry employs half the workers it did in early 2020 — and yet operators are finding it difficult to rehire everyone they need. Across the country, 95% of hoteliers surveyed by Forbes Travel Guide said they have faced increased hiring challenges during the Covid-19 pandemic. Competition within the industry, coupled with the changing values ​​of some workers, has led to crises and turnover, they said. Last month, there were 24,000 jobs in New York City’s lodging sector, compared to 52,300 in February 2020. The consolidation reflects two years of contracting demand. NYC & Company, the city’s tourism agency, had forecast the city would attract 36 million tourists last year, compared to 66.6 million in 2019. In 2020, just 22.3 million tourists visited.”

SLOW RECOVERY — “New York’s recovery took two steps forward. Omicron Sent It One Step Back,” by Nicole Hong, Matthew Haag, and Patrick McGeehan of The New York Times: “As the pandemic stretches into a third year, the Omicron variant has added another speed bump to New York City’s road to normalcy, bringing new uncertainty to the economic outlook and threatening to worsen the city’s already lopsided recovery. Office workers were sent home, reversing the steady rise in subway ridership and hurting small businesses in central business districts. A survey of large companies by the Partnership for New York City, a business advocacy group, found that 75 percent of employers have postponed their plans to return to the office. The past two months should be uplifting as the arrival of overseas travelers offered a glimmer of hope for hundreds of thousands of workers whose jobs depend on tourists.”

SUPPLY SHORTAGES – “New York has approved the least new construction of any city in the Northeast,” by Conor Skelding of the New York Post: “No wonder the rent is damn high. New York City approved fewer new apartments per capita in 2020 than any other city in the Northeast. In 2020, the last full year since records began, just 2.4 new units were approved for every 1,000 New Yorkers. That’s fewer than Baltimore (2.8), Philadelphia (3.6), Boston (5.1), Newark (5.3), New Haven (5.6), or Washington, DC (10.3). “New York City is failing to produce enough rental housing, particularly at below-market rents, to keep up with population growth — and it’s compounding the housing crisis,” said James Whalen, president of the Real Estate Board of New York.

– “Boston Properties: Crime, Covid hampers city office recovery,” by Keith Larsen of The Real Deal

– “NYC restaurants starved for customers – crime and COVID blamed” by Kerry J. Byrne of the New York Post

— “East End Capital buys industrial warehouses in Sunnyside, Queens for $42 million,” by Emily Fu of Commercial Observer

— “Deals of the Day: Jan. 28”, by Natalie Sachmechi and Eddie Small from Crain

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