New York Rent Control - Is Cuomo Really This Dumb?
Not sure how many of you all have seen in the news, but New York is going full-on-socialist with expanding "tenant protections" across the entire state.
NYC has had rent control for a while, from my understanding. But now they're expanding these laws to include upstate (Albany, Buffalo, Rochester, etc.), as if upstate NY cities didn't already have enough economic issues.
From the NY Post:
"The current rules allowed landlords to increase rents by 6% a year to pay for major building-wide improvements or unit rehabs. The omnibus rent bill cuts that down to 2%."
… So disincentivize landlords from making improvements to their buildings. Can anyone explain to me how this makes any economic sense? It's like they want building-owners to be slumlords!! I can't believe it!
From the local paper here in Albany, the Times Union:
"The laws require landlords to give tenants several months notice before an eviction for non-payment, and enable judges to "stay" an eviction up to a year if it will cause "hardship," such as adversely affecting the tenant's childcare arrangements or health."
If someone can explain to me how this benefits anybody in the long-run, tenants or landlords, I'd love to hear it.
Saw a great quote from a local Albany developer in the newspaper - something along the lines of "The real estate won't move, but my money can." That about sums it up!