Asbury Park residents choose less stringent rent control

first_imgAsbury Park, New Jersey (iStock)Residents of a Jersey Shore town had a choice on Tuesday: enact a previously approved rent control measure, or opt for a stricter version.They decided to stick with the former.Last month, the Asbury Park City Council voted unanimously to cap rent increases at 3.5 percent or the region’s Consumer Price Index as set by the Bureau of Labor Statistics, whichever is higher. The decision was in response to a move by the Asbury Park Affordable Housing Coalition, which had secured enough signatures on a petition to put its own rent control measure to a public vote.That group argued that stricter measures are needed to provide housing stability for longtime residents and confront widening racial and economic disparities in the city. Its proposal would have limited rent increases to 4 percent or the CPI, whichever is lower, and would have imposed a series of other restrictions on landlords.ADVERTISEMENTThe affordable housing group’s ordinance would have applied to all rental units, with a few exceptions. The City Council’s restrictions apply to rental buildings with five or more units.“Some residents will not be protected, who are the most vulnerable,” said Tracy Rogers, an organizer with the coalition.Preliminary results indicated that 18 percent of the city’s 9,676 registered voters turned out for Tuesday’s vote, according to the Monmouth County Board of Elections.“This community has been disenfranchised,” Rogers said. “They don’t trust elected officials; they don’t trust the democratic process.”He said his organization is exploring its options for next steps.The Jersey Shore town has seen increased development interest over the last decade, fueling concerns of displacement and gentrification. According to Zillow, typical home values in the city increased 17 percent year-over-year to $450,000 in February. That value represented a nearly 60 percent increase from February 2017. According to U.S. Census estimates, the median household income for the city was $47,841 between 2015 and 2019. During that time, 25.8 percent of people had an income below the poverty line.According to NJ.com, rental housing makes up 77.6 of all occupied homes in Asbury Park.The median rent was $1,229 between 2015 and 2019, though Zumper pegs that number at $1,750 as of Wednesday.One of the key differences between the Council and coalition’s measures was that the latter’s didn’t permit vacancy decontrol. Under the Council’s ordinance, apartments are temporarily deregulated upon vacancy, meaning landlords can increase rent for the next tenant without adhering to the measure’s caps. But once occupied, the apartment once again falls under rent control and any future rent increases must abide by the ordinance.As a practice, vacancy decontrol is viewed by tenant advocates as an incentive for landlords to push renters out in order to jack up the rent. Landlords argue that without it, owners will disinvest in their properties and keep apartments vacant in favor of eventually converting the buildings into condos.In 2019, New York eliminated its own vacancy decontrol option for owners of rent-stabilized apartments. That provision, however, permanently took an apartment out of rent regulation. In New Jersey, municipalities can opt to implement rent control, though newly constructed buildings remain unregulated for 30 years under state law.Peter Siegel, a major multifamily landlord in the city and an organizer of the Asbury Park Property Owners’ Coalition, a group that fought the referendum measure, said he was primarily concerned with the lack of vacancy decontrol and the “stacked” rent stabilization board created under the tenant group’s ordinance, which called more tenant than landlord members.He also felt the measure created an unfair process for a landlord to seek a higher rent increase due to financial hardship, saying it would have required owners to disclose private information and “empowered a few people to say you make too much money.” He didn’t initially support the City Council’s ordinance either, but found stories about renters facing 50 or 60 percent rent increases compelling.“As the issue continued to evolve, and the debate continued to grow, I realized in fact, that renters should have some meaningful protections, and this was probably the most appropriate way to do it,” he said.Contact Kathryn Brenzel New JerseyPoliticsrent regulationtristate-weekly Message* Share via Shortlink Full Name*center_img Email Address* Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

Match Iskra-Travnik on 23 February

first_imgFootball players of ”Travnik” will have an exhibition match with FC ”Iskra” on 23 February, Saturday.Because of the snow, the match will not be played on Jaklić Stadium in Bugojno but on Hendek.The match will start at 2 p.m, and it will be the opportunity for Travnik’s coach Beganović to see how his 11 players play before the BiH premier league match which will be held on Grbavica in Sarajevo on 2 March, when FC Travnik plays against FC Željezničar.Beganović said that Lihovac and Simeunović will not play against Željezničar.last_img

Prep Basketball Special Feature Part One: Triumph through Tribulations

first_imgArcata >> It’s not lost on any opposing coach they face — the Arcata High School backcourt tandem of Vanessa Holland and Ashley Quigley are exceptionally good. The senior co-captains can shoot, drive and play defense as good as any in the North Coast Section.They are consummate team-leaders whose will and determination never waver. You want to beat them you better bring not just your A game, but your A-plus game. This season the duo has led the Tigers to their fifth-straight Humboldt-Del …last_img

Mirvish selling Toronto highrise condo development to Great Gulf

first_imgTORONTO – The Great Gulf real estate group is buying a high-profile, high-rise development in Toronto’s entertainment district from Ed Mirvish Enterprises.The Mirvish+Gehry project currently calls for two towers — one 82 storeys and the other 92 storeys — near the Princess of Wales theatre on King Street West.Terms of the transaction weren’t disclosed in Monday’s announcement.The initial proposal announced in 2012 called for the demolition of the theatre — one of several venues owned by the Mirvish family — to make room for a third tower.Mirvish has scaled back the scope of the development in response to local objection to the height and density of the development, which will include retail, office, institutional, hospitality and condominium suites in downtown Toronto.The area is home to some of Toronto’s major entertainment venues including the Bell Lightbox, which is home to the Toronto International Film Festival, Roy Thomson Hall and the Mirvish-owned Royal Alexandra theatre.last_img read more

Most actively traded companies on the TSX

first_imgSome of the most active companies traded Friday on the Toronto Stock Exchange:Toronto Stock Exchange (16,096.07, up 80.39 points)Aurora Cannabis Inc. (TSX:ACB). Health care. Up 41 cents, or 6.14 per cent, to $7.09 on 13.9 million shares.Canopy Growth Corp. (TSX:WEED). Health care. Up $1.17, or 6.41 per cent, to $19.42 on 5.3 million shares.Valeant Pharmaceuticals International Inc. (TSX:VRX). Pharmaceutical. Up $2.68, or 11.82 per cent, to $25.36 on 4.5 million shares.Lundin Mining Corp. (TSX:LUN). Miner. Up 29 cents, or 4.28 per cent, to $7.06 on 4.14 million shares.Bombardier Inc. (TSX:BBD.B). Aerospace, rail equipment. Up two cents, or 0.63 per cent, to $3.19 on 4.09 million shares.First Quantum Minerals Ltd. (TSX:FM). Miner. Up 29 cents, or 1.96 per cent, to $15.10 on 3.2 million shares.Companies reporting major news:Aecon Group Inc. (TSX:ARE). Engineering and construction. Up 10 cents, or 0.51 per cent, to $19.89 on 488,067 shares. The construction company says it has received two regulatory permissions needed for it to be sold to a Chinese state-owned company for $1.5 billion. The deal with CCCC International Holding Ltd., however, still faces a review under the Investment Canada Act.last_img read more

Bank of Canada expected to hold benchmark interest rate as economic clouds

first_imgOTTAWA — The Bank of Canada is widely expected to leave its benchmark interest rate unchanged at 1.75 per cent today after a 25-basis-point increase at its last setting in October.This morning’s announcement comes in the wake of a move by the Alberta government to curtail oil production in the province after Jan. 1 to try to clear a crude storage glut that has driven western Canadian oil prices to multi-year lows.Meanwhile, the recently announced plan to close the General Motors of Canada car plant in Oshawa, Ont., similarly offers a downside risk to future growth.Bank economists say an unexpected dip in monthly gross domestic product figures in September and lower-than-expected oil prices so far in the fourth quarter have dampened growth expectations and placed in doubt forecasts for a January bank rate increase.Lower growth prospects are expected to reinforce Bank of Canada Governor Stephen Poloz’s strategy of moving very gradually on increases to its overnight rate.Economists say they will be closely watching Poloz’s speech on Thursday for signs of how events are affecting his view of the path forward. The Canadian Presslast_img read more

Alberta man faces fraud charges over fracking product

first_imgRED DEER, A.B. – A central Alberta man faces fraud charges over an oilfield product that was supposed to have resulted in big profits.RCMP say investors instead lost $2.6 million.“It was one of the larger fraud files we’ve had in the area,” Const. William Lewadniuk of the Red Deer Financial Crimes Unit said Friday. After several years passed with no buyout or payout, investors starting asking questions. The man then cut refund cheques.“All of the cheques bounced,” said Lewadniuk.The matter was referred to Blackfalds RCMP in 2013. Eventually, Lewadniuk’s office became involved in a complex investigation that had to unravel a money trail through several numbered companies.Dane Skinner of Sylvan Lake was arrested Wednesday. Lewadniuk said the man was selling a product he said would make fracking operations at oilwells cheaper and more environmentally friendly. He said, for example, he could cut the number of trucks needed on a fracking site to one from five.“He was offering investors the chance to get in on the ground floor for a revolutionary new fracking product,” Lewadniuk said.“He represented the product as if it was going to be sold to another company. If a company’s going to be bought out by another company, typically the stock goes up.”Lewadniuk said the product had never been tested in a commercial setting or at a real oil well. Nor, he said, can police guarantee the seller developed the product himself.Still, at least 16 investors bit.“It’s entirely possible there are additional victims,” Lewadniuk said.center_img He has been released from custody and is to appear in Red Deer provincial court Aug. 8.He faces charges of fraud, money laundering and uttering threats.(THE CANADIAN PRESS)last_img read more

Countrys most talked about fashion event concludes

first_imgThe Summer edition of Asian Designer week hosted the extremely anticipated eighth edition at Vivanta by Taj Dwarka, New Delhi.The event, which started on a great note on April 27, 2019, put up a spectacular display of hottest trends to watch out for by some of the renowned and established designers. The mega fashion event was presented by Asian Fashion Design Council (AFDC). Designers like Rosy Ahluwalia, Aubhadip Mitra, Sonia Gaba, and others showcased their collection on Day 1. Thereafter, students from DIA, Jabalpur along with NextGen designers like Muskan Sainik and Bhawna Verma, Shreya Gupta, Radhika Karwa, VIDM from Bihar, Pavani Mehra and NIIFD Mumbai took away the hearts of people with the amazing designs they presented. Also Read – An income drop can harm brainThe day ended with ultimate collection by New Gen designer Sitara by Chandani and Ruchika. Day 2 was opened by young and aspiring designers from across the country. Manpreet, who was last seen in MTV’s show, walked the ramp for DV by DishaVadgama – an Ahmedbad based designer. Also, Robert Naorem ruled the ramp on Day 2. His collection was about handlooms textiles of North Eastern state Manipur blended with power loom textiles. Actress Shibani Dandekar also walked the ramp for budding designer Kraft Corridor. The veteran designer Rina Dhaka showcased her collection called Dark bewitching blooms. Speaking on the occasion, Vivek Rawat, creative director of Asian Designer week said, “Our objective is to give platform to the budding designers, who have the potential to take their fashion labels to global markets.”last_img read more