Brick Underground, June 12, 2019
Over two million rent-stabilized tenants in New York City are going to be better protected from rent hikes under newly announced rent reforms. The Democratic-held New York State Assembly and Senate have agreed to change the rules on rent-regulated apartments just as the law that governs rent stabilized apartments was set to expire. The newly hammered-out agreement ends vacancy decontrol, makes preferential rent last for the entire tenancy, and addresses Major Capital Improvements (aka building renovations) so they don’t create such a weighty rent burden. The agreement, which is expected to be signed by governor, also makes these changes permanent by taking away the expiration period that brought the law up for renewal every four years. Landlords have fought hard against the measures and argued buildings would fall into disrepair unless there were incentives for upgrades. They’ve also predicted a wave of condo conversions if landlords can’t make ends meet. J'Nell Simmons, CEO of Landlords NY, a landlord resource, says these changes have "many landlords questioning their choice to become a landlord in the first place."