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From The Alpha Properties NYC Blog

Landlords Have Wish List for New Rent Law

By Admin | Published on June 21,2011 at 3:25PM

A push by New York State Democrats to broaden New York City rent regulations depends on what concessions they will offer on issues raised by local landlord groups. The press to broadly expand regulations comes in the final days of the legislative session and would affect the rules surrounding the city's 1 million+ rent-stabilized apartments.

Large landlords and developers have indicated that they would agree to a modest expansion of some rent regulations if progress were made on legislation they are seeking towards:

  • A tax break for development of new apartments;
  • A tax cap for owners of large rental apartments built in recent decades;
  • And, a reversal of a court decision that lowered rents on some apartment buildings

The Republican-controlled Senate has introduced legislation on all three measures. While the Democratic-controlled Assembly has not unilaterally ruled out any of the issues, there is disagreement between large developers and the small and mid-sized landlords. The difference is apparent in New York's two most influential real estate groups: the developer-friendly Real Estate Board and the Rent Stabilization Association that strictly represents owners of older buildings. Some of the issues desired by the developers wouldn't benefit smaller landlords leaving them opposed to any type of rent regulation expansion.

Both real estate groups were confident they would come to an agreement before the laws sunset without a renewal, avoiding potentially driving many tenants out of their apartments if new leases on rent-regulated apartments were raised to market rates.

Source: The Wall Street Journal

Continue Reading at: Landlords Have Wish List for New Rent Law


Tags: rent stabilization, nyc rental laws, real estate legislation

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