In a potentially huge set-back to New York City landlords, the New York State Assembly passed a new package of legislation yesterday that strengthen's rent regulation across the state and gives more authority to the pro-tenant New York City Council. According to The Times, the new rules would "essentially return to regulation tens of thousands of units that were converted to market rate in recent years" and reduce the amount a landlord is allowed to increase the rent upon a vacancy from 20 percent to 10 percent. “It’s a matter of fairness,” said Jonathan L. Bing, an assemblyman who represents the Upper East Side. “We’re trying to give people a way to live out their lives in the neighborhoods they’ve been calling home for decades.” On the other side of the coin: “This is going to be very devastating,” said Joseph Strasburg, president of the Rent Stabilization Association, a group that represents landlords and real estate agents in the city. “New York City is the last big city in the country that has any strong form of rent regulation. And at a time when we have an economic recession, when rents are actually going down, this will put another nail in the coffin.” In our opinion, the government should spend more time and resources making sure landlords adequately maintain their buildings and abide by the legal terms of their leases with tenants and less time trying to fight the laws of supply and demand. After all, rents are already coming down anyway.
Assembly Passes Rent-Regulation Revisions [NY Times]
Photo by Bobble
