After weeks of heated debate that culminated in a highly-publicized clash between Governor Andrew Cuomo and Mayor Bill de Blasio, New York City’s rent laws were extended for another four years as part of a massive omnibus bill that passed late last Thursday night. The bill, which encompasses a wide range of public policy measures, has been met with extremely mixed reactions from the legislature and constituency alike. Among lawmakers in Albany, it has been affectionately dubbed “The Big Ugly.”
Here in New York City, many residents are concerned that the extension of the rent laws will do little to curb the astronomic growth of rent prices in neighborhoods that were once known for their affordability. While provisions to prevent the continued increase of rent in the city were included in the bill, many people are arguing that the bill took a soft stance on a hard issue.
In a recent article in Gothamist, the author lamented the state of the bill, commenting that “given the intensity of the city’s housing crisis, this year’s improvements are like giving two Tylenol to someone with a broken arm.” The author then goes on to cite the “biggest failure” of the bill as its failure to repeal a 1997 state law that allows landlords to deregulate vacant apartments. The author goes on to argue that the law “gives landlords a lucrative incentive to harass rent-stabilized tenants.” Many other residents of the city have expressed similar concerns, arguing that the bill does little to protect the rights of tenants while advancing the agenda of money-hungry landlords.
Stay tuned for more updates on the NYC real estate market from Robert Khodadadian of Skyline Properties!