The Mann Report published an article by Assurance Manager Jay Berkowitz, about the new rules of engagement for real estate owners and investors under updated New York rent laws.
The Mann Report
By Jay Berkowitz, Manager, Assurance Services
Whereas previous business plans may have relied on the ability to raise rents to market rate over a holding period, those plans are now effectively illegal with the new regulation extensively limiting landlords’ options. Some claim that, ironically, New York’s updated law damages the affordable housing market, by removing the incentive for developers to undertake new construction – possibly leading to housing shortages and hurting those that the law aims to protect, as investors find others locations and means of investing their capital.