Democratic Assembly Passes Pro-Tenant Legislation
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…
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
yeah, unregulated markets are the new big thing. They’ll get us out of financial mess. Just ask Rush L. and rest of the nut jobs.
I, of course, am in agreement with the other free market capitalists above.
Joseph Strasburg would be better spokesperson if he didn’t say something as awkward as “very devastating”.
Bad news in my opinion.
Why does everyone assume that all landlords are wealthy conglomerates or land barons that don’t need the increases?
With real estate tax going up, increases in utilities, and a recession building owners, especially the individual owners who rely on the rents to pay the mortgage and operating expenses, are going to be faced with tough times. Tough times that no one wants to acknowledge.
When rents are forced down by this regulation and the small landlords can’t afford to pay for heat or pay the mortgage and get foreclosed on, who is going to champion their cause?
I’m sick of this demonetization of landlords and this repulsion to individual rights and success. If a landlords wants to charge $3k for an apartment let them. If they can’t get it, that is their problem.
The market/economy should dictate value. The government should not.
I believe they want to raise the cap from $175,000 to $250,000, and the deregulated rent from $2,000 to $2,750. So how does this help working-class New Yorkers who make 50K and pay $1,000 rents?
60 years of disasterous rent control and rent stabilization, and these morons still haven’t learned anything.
Rent regulation has been a horrible experiment. The law of unintended consequences always takes over when men and women of limited intellectual means attempt to regulate markets. This is bad long-term news for renters.
IronBalls?
BOOOOOOYYYAAAAAAA!!!!!!
The What (Obama will save the landlords)
Someday this war is gonna end…
good news.
Curious…can anyone explain to me why NYC is so beholden to the NY Assembly for what should be local issues? Rent control is not the only issue that’s not in control of the city.