Statewide Rent Control In New York

[Anthony Gayden]

How do you think statewide rent control will effect cities in upstate New York like Buffalo, Syracuse, and Rochester? I know that they suffer from similar issues as Midwest rust belt cities. 

Going even further, small towns and rural areas will all be subject to rent control as well. It seems like huge over reach. Pushing through something like that as though the entire state is NYC and has sky high rents. Very short-sighted.

https://www.rochestercitynewspaper.com/rochester/state-may-get-strong-rent-laws/Content?oid=10375525

[Stephanie Jacobson]

There's definitely a lot of confusion about this. I'm in Binghamton and Ithaca, so I can only describe the reaction I've seen here (mainly in Bing), and it hasn't been good. The one bright side is that the rent control part did NOT pass, so we don't need to worry about that. It's the Good Cause clause that has everyone messed up.

They still don't know how it's going to shake out, but the courts here are frozen through the end of the month. They'll start hearing eviction cases then, maybe, or might push them back to August. I have one client who is selling his entire portfolio (25 buildings, 300 units) and gettin' the heck outta dodge. I have other investors who aren't worried at all and just keep buying.

Like @Michael Craig said, the big impact is going to be on actually getting the non-performing tenants out, not necessarily on what you can charge for rent. This was passed without any consent from upstate, really, so there's already a lot of backlash.