Ken Fisher comments on the impact just-enacted changes to New York’s rent laws will have on New York City landlords, including a provision eliminating the ability to raise rents by 20% when a rent-regulated tenant moved out. Ken predicts that the new provisions will mostly affect landlords who made investments thinking they would be able to raise rents over time, as well as small property owners and will not benefit working class tenants as much as anticipated.
“Ironically, the repeal will mostly benefit more affluent tenants in below-market apartments,” said Ken. “The burden will fall hardest on small owners in working class neighborhoods that struggle anyway.”
Ken also believes the effects of the change will not be immediate and will be felt over time.
“I don’t think the Bronx is going to suddenly start burning. This is like a lava flow: slow moving and destructive but unpredictable in its course,” Ken continued.
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