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What are the community's thoughts on these "sweeping" new changes to rent regulations in New York? Personally, despite all the hysteria among landlords and REBNY, I think most people (who aren't lucky enough to be in a rent controlled or rent stabilized apartment, or a landlord) won't be affected by this. The only real effect I see on regular people are the fact that all rentals are now limited to a maximum of one month's security deposit.
However, clearly the Real Estate Board of New York doesn't agree with me. Here's what they said:
STATEMENT FROM REBNY PRESIDENT JOHN H. BANKS
"The harmful impact of this legislation will be profound for New York City’s economic future. There are many losers including small property owners, contractors as well as tenants. This legislation will keep rent lower for some, but also significantly diminish housing quality and lead to less tax revenue to pay for vital government services. It will worsen the City's housing crisis. The construction of future affordable units will slow, if not end altogether, the housing vacancy rate will worsen and nothing will have been done to make it easier for those who struggle to pay their rent. There was a path to responsible reform that could have protected tenants as well as owners, jobs and revenue, but Albany chose not to take it." – John H. Banks
REBNY also put out a good summary of the changes in the law: https://rebny.com/content/rebny/en/n...m_medium=email
I've also linked below the full law for anyone interested. It's quite long so I suggest reading the REBNY Cliff Notes above.
However, clearly the Real Estate Board of New York doesn't agree with me. Here's what they said:
STATEMENT FROM REBNY PRESIDENT JOHN H. BANKS
"The harmful impact of this legislation will be profound for New York City’s economic future. There are many losers including small property owners, contractors as well as tenants. This legislation will keep rent lower for some, but also significantly diminish housing quality and lead to less tax revenue to pay for vital government services. It will worsen the City's housing crisis. The construction of future affordable units will slow, if not end altogether, the housing vacancy rate will worsen and nothing will have been done to make it easier for those who struggle to pay their rent. There was a path to responsible reform that could have protected tenants as well as owners, jobs and revenue, but Albany chose not to take it." – John H. Banks
REBNY also put out a good summary of the changes in the law: https://rebny.com/content/rebny/en/n...m_medium=email
I've also linked below the full law for anyone interested. It's quite long so I suggest reading the REBNY Cliff Notes above.