(Lucas Jackson/Reuters)The plan will vastly increase the cost of city housing and lead to the deterioration of thousands of units.
The New York State Legislature will vote this week on a package of reforms to existing rent-control and tenant-protection laws. Governor Andrew Cuomo has promised to sign whatever the Legislature delivers to his desk. The proposal at issue is disastrous; in a misguided effort to solve New York City’s affordable-housing crisis, Democrats in Albany are threatening to seriously damage the city’s housing supply and the quality of existing buildings.
Lawmakers have essentially decided to further intensify the city’s already dense tangle of regulations and restrictions on landlords. The reforms make it much harder to raise rents on rent-controlled (22,000 units in the city) and rent-stabilized (966,000 units) apartments. They make it harder for landlords to evict difficult tenants, and they disincentivize maintenance and upgrades. They force landlords who sold leases below the rent-regulated price to keep them that way. And they allow tenants making over $200,000 a year to pay below-market prices.
But I’m getting ahead of myself. First, a bit of background on what all these terms mean.
Almost a million units in New York