New rent bills have real estate magnates in shock. Many New York real estate investors aren’t exactly enamoured with new bills that would strengthen tenants’ rights and protections. Developers of some of the most well-known and easily identified buildings in New York City — like the World Trade Center and 3 Times Square — have made efforts to have the bills blocked. They have asked Gov. Andrew Cuomo to help them, but Cuomo said developers need to enlist the aid of their legislators to help thwart the bills.
The bills seek to get rid of rules that allow rental property owners to deregulate apartments and would allow them to raise rents by closing various loopholes. There are nearly one million rent-regulated apartments in New York that these bills would affect. The bills would also allow areas other than New York City to come up with their own policies. Critics of the bills believe they would do more harm than good, by reducing landlord incentives to make upgrades and repairs to existing buildings and to build new, affordable rentals.
Some developers feel the governor has let them down in not helping them kill the bill. Tenant activists, on the other hand, say these bills were a long time in coming. Groups have pushed for stronger tenant protections for many years.
There are many laws that govern various aspects of real estate in New York. An attorney will be familiar with those laws and potential new laws that may affect real estate sales and purchases. Whether on a buying or selling end of a real estate transaction, a lawyer’s assistance may help a deal to go more seamlessly.