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NYC Rent Increases Spur Regulation
New York state lawmakers have reached an agreement intended
to strengthen New York City's rent laws and tenant protections.
e New York Times reports that the deal may be a "significant
blow to the real estate industry," who have noted that these mea-
sures can lead to the deterioration of the condition of New York
City's housing.
N YT reports that the regulation would abolish rules that let
building owners deregulate apartments, close a series of loopholes
that permit them to raise rents, and allow some tenant protections
to expand.
Trade groups have stated that the proposed regulations could
harm smaller landlords, stating that they may not be able to raise
rents due to escalating costs without going out of business.
"is legislation fails to address the city's housing crisis and
will lead to disinvestment in the city's private sector rental stock
consigning hundreds of thousands of rent-regulated tenants to
living in buildings that are likely to fall into disrepair," Taxpayers
for an Affordable New York, a coalition of four real estate groups
said in a statement.
"is legislation will not create a single new affordable housing
unit, improve the vacancy rate, or improve enforcement against the
few dishonest landlords who tend to dominate the headlines," the
statement added. "It is now up to the governor to reject this deal
in favor of responsible rent reform that protects tenants, property
owners, building contractors, and our communities."
Nationwide, the rental market price and demand increases, and
with the additional demand, landlords are beginning to cut back
on many "perks" originally intended to entice potential renters.
According to Zillow, just 1 in 100 rental listings currently show
any kind of move-in special, CNBC's Diana Olick reports.
Additionally, rent prices are up 3.1% year-over-year, to a me-
dian rent of $1,530 nationally, the highest level since August 2017.
"is potentially signals more rent growth is to come, as land-
lords not only reduce incentives to move but also increase prices,"
said Joshua Clark, economist at Zillow's HotPads on CNBC. "Of
course, all real estate is local and deals are becoming more com-
mon in some places."