There is a special common council meeting on Monday September 17th at 8:05 to handle 2 things:
Adopt FY13 General Fund Transfers and Amendments
This will up the FY2013 budget from $232,351,309 to $232,454,709- an increase of $103,400.
Residential Rental Property Business Ordinance
This is to approve a resolution that would create the need for landlords to obtain a Residential Rental Property License.
This would mean anyone that owns a rental property will be required to register it, unless:
1. It is their primary residence
2. The lived there or inherited it within the past 2 years and are still a NB resident
3. Their only tenants are blood relatives.
Registering will require a few things, like no back taxes owed, no blight fines owed, etc. But also Landlords must disclose anyone that has a greater than 5% interest in the property.
Most importantly- a registration fee will be required YEARLY. The fee will amount to 5% of the rents charged. A bit of math: A property owner with a 3 family house that charges $700 a floor rent will be required to pay a $1260 “registration fee” on top of the taxes they already pay.
And it gets worse section K states that “each licensee will be under the jurisdiction of the city fair rent commission….and shall limit rents to no more than the actual costs to maintain the rental property, plus no more than fifteen percent (15%) profit.
Let’s also not forget there is a line item in the budget for “Non Owner Occupied” trash pick-up for just under $4Mil that will eventually hit these same property owners
This item was tabled Tuesday in PZ&H, after I believe a public hearing was conducted (noticed in the NB Herald on Sunday Sept 9th), so I imagine a special meeting of PZ&H will be called for Monday .
Monday’s meetings are special meetings so there will be no public participation allowed, but it might not be a bad idea to get some folks down there for that meeting that are opposed to this plan
fs
Costco co-founder and former CEO Jim Sinegal spoke at the Democratic National Convention on topic of Costco jobs.
ReplyDeleteJim Sinegal, who retired as CEO of Costco in January 2012, was one of convention speaker's at the Democratic National Convention in Charlotte, North Carolina. The business leader spoke on the issue of Costco job growth and the U.S. economy.
The Democratic National convention ran September 4-6 in Charlotte, North Carolina and the Republican National Convention in Tampa, Florida from August 27-30.
communism 101 unfolding right before your eyes!
ReplyDeleteUpdate- Section K
ReplyDelete"And it gets worse section K states that “each licensee will be under the jurisdiction of the city fair rent commission….and shall limit rents to no more than the actual costs to maintain the rental property, plus no more than fifteen percent (15%) profit."
Has supposedly been removed from the latest version
So they want to limit my profits, but will they pay my loses when times are bad?
ReplyDeleteAlso what are they going to do with all the money?
What's the fee based on, actually rents collected or the FMV of the units? Big difference between actual & paper.
Will the city notify property or am supposed to know from reading this blog?
How's the budget balanced anyway, I thought the city was putting a garbage fee or something like that, but haven't seen anything & I know the mill rate stayed the same and the city talks about hiring lots more cops.
Someone please inform me! The math really doesn't add up.
This affects all property owners, not just those who own multi-family properties for as our property values go so do yours and laws like this only hurt values.
ReplyDeleteWait until Costco finds out they must share their tax information with the city and may never make more than 10% from their business.
ReplyDeleteI guess the rest must be seized so that the Sherwood administration can spread that wealth around!