Lights Out: NYC Landmarks Gong Green Tonight

New York City's landmark buildings and landmarks around the world will turn their lights off tonight to help stop climate change.

Beginning at 8:30 p.m., the Empire State Building, the Chrysler Building, Times Square billboards and the decorative light necklaces on East River bridges will shut off their lights for an hour as part of a global initiative called Lights Out Action For Climate Change.

About 100 countries are participating in the World Wildlife Fund event. Other landmarks going dark include the Eiffel Tower, the Great Pyramids, the Acropolis and the Golden Gate Bridge.

Public safety lighting will remain turned on.

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NYC Rent Regulation Laws Extended for 3 years

New York City rent stabilization laws will be extended for another three years. The rent regulation laws were set to expire April 1st.

In order for the city council to extend the rent laws the council also had to pass a resolution declaring that the city is in a housing emergency, with vacancy rates below five percent.

Currently lawmakers in Albany control rent and eviction laws in NYC. The City Council has been pushing for Albany to give the city back control of its rent and eviction laws.

Members of the city council also want state lawmakers to repeal vacancy decontrol, which allows landlords to return stabilized apartments to market rate once tenants move out.

A Great Day for Real Estate

Yesterday The Federal Reserve indicated that it would buy up to $300B of US Treasury 30 year bonds over the next 6 months with the express purpose of driving the 30 year mortgage below 5%. In addition, the Federal Reserve will purchase an additional $750B of Fannie and Freddie Mac debt, on top of the already announced $500B of purchases. The total stimulus ($750B +$500B+300B) is $1.55Trillion dollars.

Unlike actions up to now that have been centered on the financial markets and done little for real estate, these efforts are directly targeting the real estate market. By purchasing the mortgages in the secondary market to the tune of $1.2 Trillion dollars the Fed will dramatically increase liquidity in those markets.

Housing affordability is at an all time high. Interest rates are low. It is a great time to buy real estate. If inflation rises, then all the component parts of real estate rise, too, i.e. the wood, the oil, the steel, aluminum, copper, plastics, etc. They make up real estate.

Real Estate is inflation in effect. Because the underlying components of real estate rise with inflation the cost of replacing a home rises and with it the value of resale property.

Green Resources / Services

New York Energy Smart

New York Department of Environment Conservation: Green Building Initiative

The US Green Building Council

LEED (Leadership in Energy and Environmental Design)

EnergyStar

EcoBusiness Links - sustainable real estate listings and services.

Listedgreen.com - an MLS for sustainable housing.

Planet Green- advice on how to go green when buying a home. Use this site to help you understand how to help buyers get what they want.

Green Living Ideas

National Geographic Green Guide

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Daylight Saving Time Starts March 8th

Set Clocks Forward Tonight
Sunday March 8th at 2:00 am
for Daylight Saving Time.

On the second Sunday in March, clocks are set ahead one hour at 2:00 a.m. local standard time, which becomes 3:00 a.m. local daylight time.

Reminder to change the batteries in smoke alarms and carbon monoxide (CO) detectors when setting clocks ahead one hour on Sunday, March 8th at 2:00 am for Daylight Saving Time.