Mayor Adams signs rent stabilization bill (New York, Albany: apartments, rentals, condo)

[FREE866]

This was signed today:


https://bronx.news12.com/nyc-mayor-s...an-for-tenants




Im a little concerned that it says the city still needs to "make up its mind about what to do long term"


Does that imply that maybe rent stabilization laws could change at some point?


We live in a rent stabilized apartment that I've had since 1994......always assumed there would be no changes other than the small increases approved by the rent guidelines board


anyone familiar with this situation?

[dfc99]

Originally Posted by FREE866

This was signed today:


https://bronx.news12.com/nyc-mayor-s...an-for-tenants


Im a little concerned that it says the city still needs to "make up its mind about what to do long term"

Does that imply that maybe rent stabilization laws could change at some point?

We live in a rent stabilized apartment that I've had since 1994......always assumed there would be no changes other than the small increases approved by the rent guidelines board

anyone familiar with this situation?

Ultimately the SCOTUS may throw out Rent Control and even Rent Stabilization laws as a 'taking' under the Constitution. That will not happen overnight but it's in the future as various challenges to rental laws work their way up to the SCOTUS.

[mathjak107]

Rent stabilization is supposed to stay in effect when vacancies are 5 or less which they pretty much always were .


We have now been rising higher then that and therefore rent stabilization is uncalled for so it is being reviewed

[FREE866]

Originally Posted by dfc99

Ultimately the SCOTUS may throw out Rent Control and even Rent Stabilization laws as a 'taking' under the Constitution. That will not happen overnight but it's in the future as various challenges to rental laws work their way up to the SCOTUS.

Interesting.Thanks


I had not heard about that possibility, but then again haven't gone looking for any info.


I always thought I was fully protected

[mathjak107]

Most likely something will stay in place or be grand fathered in .

Landlords that took part in various programs or bought for cents on the dollar because of lower rents may have some ramifications .

I doubt the switch will just be turned off

https://therealdeal.com/2021/08/18/e...istorts-truth/

[BugsyPal]

Originally Posted by FREE866

This was signed today:


https://bronx.news12.com/nyc-mayor-s...an-for-tenants




Im a little concerned that it says the city still needs to "make up its mind about what to do long term"


Does that imply that maybe rent stabilization laws could change at some point?


We live in a rent stabilized apartment that I've had since 1994......always assumed there would be no changes other than the small increases approved by the rent guidelines board


anyone familiar with this situation?

Sloppy reporting with incomplete information. See: https://abc7ny.com/rent-stabilizatio...rate/11692161/

All city did was sign off on what came down from Albany, extend deadline for survey of housing that is conducted every several years to determine if an "emergency" still exists. If it does, RS can continue, if not, then RS must end.

RS isn't permanent per se, but based upon fact Albany determined back in early 1970's that there was an "emergency" of rental housing, thus passed laws aiming to deal with same. This came after rent control was ended (put in place during WWII), but fallout from that event caused Albany to create rent stabilization.

https://hcr.ny.gov/rent-stabilizatio...protection-act

Appendix B: The Rent Regulation System in New York City

Basically what Albany and several areas that have RS did was create a bit of legal fiction to get around USC takings clause.

State and local areas say there is an "emergency" in rental housing, thus they passed laws to *regulate* same for benefit of tenants. Key word is "regulate" and not *take*.

Under RS laws such an emergency exists long as vacancy levels remain under 5%. If at anytime number hits or goes above, in theory said emergency no longer exists and RS is supposed to end, good luck with that....

Concern was that during pandemic so many persons moved out of city/state that survey of rental housing would show vacancy levels did reach trigger number, and that RS should by law end. Democrats in Albany, NYC, Westchester and elsewhere that have RS are never going to allow this to happen.

Via RS laws Albany and NYC exert huge control over rental housing, over 60% of which in NYC alone falls under some sort of regulation, voucher, subsidy, NYCHA, etc...

RS cannot be made "permanent" as written law as that would get too close to USC takings clause for comfort. Courts have upheld NYS RS laws because contrary to what LLs argue state has not "taken" anything away from them, but merely regulated prices (rent) which it has some rights to do, especially in an *emergency*.

[FREE866]

Thank you for all the info guys

[fluttereagle]

They should get rid of the rent stabilization system. A humane transition would be to allow current beneficiaries to stay in the system but not to allow new entrants. Then the system would gradually be phased out. It was a mistake to begin with.

[BBMW]

Are you referencing any particular cases? Because cases on similar rent regulations have gone to the SCOTUS and the regulations were upheld. If the courts were going to overturn rent regulation, they've had plenty of opportunity, and to do so now would require overturning precedent. This is VERY unlikely.

Originally Posted by dfc99

Ultimately the SCOTUS may throw out Rent Control and even Rent Stabilization laws as a 'taking' under the Constitution. That will not happen overnight but it's in the future as various challenges to rental laws work their way up to the SCOTUS.

[mathjak107]

Originally Posted by fluttereagle

They should get rid of the rent stabilization system. A humane transition would be to allow current beneficiaries to stay in the system but not to allow new entrants. Then the system would gradually be phased out. It was a mistake to begin with.

Without the perks of stabilization developers will leave the rental markets like they previously did .

Until the stabilization programs were put in place , not one rental building was put up since the 1970s that wasn’t part of a restricted income program .

So the perks that are given are huge and developers will vanish leaving no rentals added in any meaningful way.

They will just go back to building condo , coops and luxury buildings.

Even though you no longer had to be stabilized after the late 1970s , not one rental had been put up prior to the perk programs for putting up rental buildings and agreeing to be voluntary stabilized