Controversial measure impacts stabilized unit transitions and capital improvements
SANTA BARBARA, Calif., August 1, 2019 – New York state’s Housing Stability and Tenant Protection Act of 2019 limits rent increases when stabilized units are vacated and caps rent increases made in conjunction with capital improvements to properties. Affordable housing advocates applaud the legislation as a boon to renters, especially those in New York City’s five boroughs, while others worry it will lead to a deterioration of housing stock and an exodus of development and investment.
A new bulletin from Yardi® Matrix weighs in on the new law and the turmoil surrounding it. The bulletin, “New York Rent Control: Paved With Good Intentions” is available for download.
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