New York’s New Rent Law
The New York State legislature is prepared to pass a massive expansion of rent regulation that will impose new costs on owners while benefiting wealthy people living in rent-stabilized apartments. Governor Cuomo has promised to sign the legislation. This so-called reform will represent a big step back for anyone who cares about housing in New York City.
The Facts You Need to Know
Youth: Expanding rent regulation will make it harder for young and poor people to find apartments. Read more.
Dingy: Preventing owners from passing on the costs of capital improvements will lead to deferred maintenance and the “shabbification” of housing stock. Read more.
Rich: The new law specifically benefits those making more than $200,000 a year, who will gain a new right to have their rents kept artificially low. Read more.
“Public housing is falling apart because money wasn’t available to maintain it...the new law will bring investment in existing housing stock to a screeching halt.”
Real Estate says it will sue over 2 provisions of rent bill if it becomes law: The permanence of the legislation, and "the retroactivity of a provision to decrease the amount landlords can charge for major capital improvements". https://t.co/G52Q60nwpD— Susan Arbetter (@sarbetter) June 13, 2019
The Past is Present
“The winning legal argument against New York City’s rent-control laws has never been tried. It may be soon.”
And in other news...
“The measure was passed amid the worst measles outbreak in the U.S. in more than 25 years.”