"Good Cause Eviction" NYC
While this is not an NYC centric issue, the title of a Bill sponsored by Julia Salazar (D), is "Good Cause Eviction". The summary is that WHEN, and not if, it is passed the Bill will impose maximum caps on the amount you can raise a rent while a tenant is currently under a lease. It requires landlords to extend a lease automatically, and the increase capped at 3% or(greater of).
Besides this being a terrible and myopic "solution" to affordability in NYC, what are some thoughts on the matter. It is my determination that this will cause even more unaffordability, take units off the market just as rent stabilization does, and hurt tax revenues. It is being labeled as a change to real property law...one that doesn't make any sense. Clearly another government taking.
But what are some ideas or strategies to make sure values don't decrease substantially? I think anyone acquiring Class A MF buildings will be in a good place as turnover is fairly high and vacancy is low.