New Legislation in NY State

4 Replies

New York is on the verge of passing a new law restricting landlords ability to collect last months rent at lease signing. Also limits rent increases, changes eviction timeframes, etc. I'm interested to hear how everyone plans to deal with the new changes and what you think we can do to protect our interests. Thank you!

@Gretchen Ott

I'm a bit of a broken-record on this one. For people in the city, I recommend getting your money out into other markets as fast as possible. The state legal climate is only one reason, there is not much upside here for anyone who cares about income or sustainability.

I have been up to Rochester and your area. I think your technique would be to find the niche that is least regulated and park there. Condo conversions, self storage, and industrial space all comes to mind. Also, Pennsylvania is always an option :)

Collecting last months rent is only common in a very few markets like NY and MA.  It is not common in most of the country, and the rest of the country does fine without it.

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