Cuomo to sign regulation to permanently freeze rents to either 1 or 2% (York: leases, appliances)

[propman-nyc]

One thing I wonder is what if a building is accidentally burnt down or blown away with dynamite? What happens to the rent regulations then?

[BlakeJones]

and no one is talking about this but the law now makes it illegal to blacklist deadbeat tenants

[mathjak107]

Originally Posted by propman-nyc

One thing I wonder is what if a building is accidentally burnt down or blown away with dynamite? What happens to the rent regulations then?

Then it is considered demolished and destabilized

[propman-nyc]

Originally Posted by mathjak107

Then it is considered demolished and destabilized

There ya go. That is how they used to do things back in the old days. In Chicago. Ka Boom.

[antinimby]

This is just the latest shot in the class war the Left / Progressive Democrats have promised they will wage. Cuomo is just pandering to the large underclass voting base of the city. All the NYC pols including de Blasio knows who is voting and they are just pandering to them. They are all talking about wealth distribution and all the homeowners and property owners are viewed as wealthy therefore they are going to punish them.

[randomperson2]

"Cuomo to sign regulation to permanently freeze rents to either 1 or 2%"

This is literally NOWHERE in the law as signed. Do you feel even an iota of shame just making random **** up to stir up animosity?

[BBMW]

This is the socialist renter advocate wet dream. So much so that it may get challenged in court and lose.

So far the concept of looking at rent regulation as an uncompensated taking under Fifth Amendment has been rejected. But with a bunch of new conservative justices, and the fact that this is pretty draconian, that may get another look.

[BugsyPal]

Originally Posted by stormgal

I don't know what this will do to the city's rent stabilized apartments, but I can see many rent stabilized landlords either sell or abandon their buildings as no profits will be made.

https://nypost.com/2019/06/12/cuomos...ousing-market/

One, it is an opinion piece, not a factual article.


Two, there is no such limit being put into place on annual rent increases. Cap is on what landlords can recoup from doing any sort of building wide or apartment major improvements.


That being said in all likelihood removal of vacancy bonus is going to cause LLs to push hard for higher annual rent increases.


Purpose of vacancy bonus was to equalize rents where due to a combination of lifer tenants and low annual increases meant the legal rent was far to low.

[Gantz]

Originally Posted by BugsyPal

Two, there is no such limit being put into place on annual rent increases. Cap is on what landlords can recoup from doing any sort of building wide or apartment major improvements.

Which will make LLs not do any maintenance/improvements/repairs, since LL will be losing a lot of money. The effect of this policy would not be felt immediately, but in 5 years you gonna start seeing dilapidated rental buildings looking like NYCHA projects. The strategy would be to run these buildings into the ground, especially the ones that have extra buildable area. Run 'em into the ground and sell to developers to build luxury condos instead.

[BugsyPal]

Originally Posted by Gantz

Which will make LLs not do any maintenance/improvements/repairs, since LL will be losing a lot of money. The effect of this policy would not be felt immediately, but in 5 years you gonna start seeing dilapidated rental buildings looking like NYCHA projects. The strategy would be to run these buildings into the ground, especially the ones that have extra buildable area. Run 'em into the ground and sell to developers to build luxury condos instead.

Repairs they will have to make, especially now that new city and state laws have inspectors breathing down LL's backs. Improvements? Forget about it, that just isn't going to happen anymore.


Fridge or other appliance goes out? LL now has no incentive to replace with anything else but a busted second hand/scratch and dent unit. Long as it operates that is all law requires.


Paint and required repairs? LL's will just do more of same most do already; hire the cheapest low bidding contractor that uses mostly illegal labor and does shytty work.