Development in Western Queensoff of Queens Plaza in the neighborhood of Long IslandCity.

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NEW YORK CITY- New York City'sreal estate industry is still trying to assess the many areas ofthe fallout from the sweeping rent regulation changes this pastJune.

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Meanwhile, another seismic change with respect to residentialrental laws and regulation rules could well be on the way. Theso-called "Good Cause Eviction" bill, also known as Universal RentControl, would apply to nearly all market-rate residential rentalunits in New York City and throughout the entire state.

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The bill, aimed at stopping "unconscionable" rent hikes, wouldcap rent increases and prohibit landlords from evicting tenants orfailing to renew a lease except for "good cause," a term that isnot fully defined, Jeffrey Reich, partner at SchwartzSladkus Reich Greenberg Atlas, tells GlobeSt.com.

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"As with the 2019 changes to the rent regulation laws, there aremany areas of confusion, as well as potential unintendedconsequences, related to this bill as drafted," Reich says."Independent of this, universal rent control will have a dramaticnegative impact on real estate prices and the health of the NewYork City housing market, which is already reeling from recentlegislative action."

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Reasons for eviction would be limited to a tenant refusing topay rent, illegal activity, a significant violation of the lease,having a pet when pets are not allowed, causing a nuisance, etc.However, what happens if the owner wants to sell a property? Underthe currently proposed language, the owner would not be able toevict the tenant, or decided not to renew a lease, in order to sella vacant building.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.