New York Rent Control Claims Another Victim
When the progressive wing of the New York state legislature pushed forward the most restrictive package of rent regulations in the history of American housing, the policies came wrapped in a thick layer of misdirection that has washed off surprisingly quickly, much to the chagrin of housing providers and residents alike.
As reported by Crains New York Business, in light of the new laws in New York, the Blackstone Group is now re-evaluating planned renovations and improvements at two large properties.
Because New York’s new rent control law eviscerates the financial mechanisms by which property owners can recoup the money they invested improving their rental properties, it is likely that these restrictions will lead to other companies following Blackstone’s lead.
The National Apartment Association (NAA) continues to actively monitor the legislative situation regarding rent control and a host of other issues facing the rental housing industry in the state.
NAA has a variety of resources for members who may notice debates and movement around rent control emerging in their cities, as well as a dedicated subject matter expert on rent control, Manager of Public Policy Alex Rossello. Please do not hesitate to contact him directly with any questions or concerns about rent control developments in your area.