Tenant friendly laws just passed in NY
So i'm in the process of evicting a tenant and after meeting with my lawyer, who is also a local judge, he informed me a few new laws NY just pasted. Because of these laws, it's going to take me almost 2 months to get this guy out now. They get 14 days after notice to pay or quit now. Tenants even get another 2 weeks after the judge evicts. Also, landlords are only allowed to raise rent up to 5% per year and can only accept a security deposit up to one months rent.
Once I heard that evictions are going to take even longer than normal, 2 months long, my first thought was to increase my security deposits going forward to offer me a bit more protection. Nope, can't do that.
Also, I have been buying small multi's that are in bad condition with tenants paying below market rents. I fix them up, then bring rents up to market which as you all know, helps when the appraisal so I can pull my money out and repeat. If I can only increase 5% a year, it's harder to add value to these...
Any thoughts on this? Why are tenants getting so much protection?