Paul Fiorilla
New statewide rent control laws have thrown the New York Cityapartment market into turmoil, with prices of properties impacteddropping sharply overnight and the possibility that it will lead tothe deterioration of housing stock and depress the amount ofsupply.
The law – the Housing Stability and Tenant Protection Act of2019 – affects 1.1 million rent-stabilized apartments in New YorkCity alone, representing somewhere between one-third and one-halfof the apartment stock in the five boroughs. The new controls havemany provisions that are troublesome for property owners, but themost critical issues involve taking away the ability to transferstabilized units to market rates and the limits on the amountowners can increase rents to pay for capital improvements.
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