New York State’s Assembly is now in Democratic control. On many legislators wish list is to end the vacancy decontrol provisions that allow landlords to remove a unit from rent control if a tenant moves out and the unit rents for more than $2,000 per month. (for those of you not in New York, apartments over $2,000 per month is actually almost all apartments in Manhattan and desirable locations of Brooklyn & Queens)
“Roadblocks to considering such legislation have been removed,” says Ms. Rosenthal, who represents the Upper West Side. “This will be at the top of many people’s agenda come January.”
Of course, this is going to scare the crap out of landlords and renters of market-rate units.
“With all of the current uncertainty, why would you throw another obstacle in the way of even more investment in housing in the city,” asks Steven Spinola, president of the Real Estate Board of New York. Mr. Spinola is also confident that Senate Democrats will not act quickly on housing laws.
“They’re going to have enough trouble dealing with fiscal problems,” Mr. Spinola says.
Maybe our wise legislators will take the time to learn about the microeconomics of rent control…