New York’s Progressive Rent Regulations Having the Exact Same Negative Consequence That Skeptics Predicted.
"According to a January survey conducted by the Community Housing Improvement Program (CHIP)—a trade association representing owners of rent-stabilized buildings in New York City—69 percent of building owners have cut their spending on apartment upgrades by more than 75 percent since the passage of the state’s rent regulations. Another 11 percent of the landlords in the survey decreased investments in their properties by more than 50 percent.
The new law’s limits on recouping the costs of renovating apartments mean it is often more financially feasible to leave old apartments vacant...Read all.
Easy prediction: Big, connected players will snap up these properties at a steep discount, at which point the city will grant relief and exemptions from the new regulations.---Posted by Stephen Green"
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