Owners/operators/multifamily funds, what are you guys hearing in your world?
State assembly reached an agreement last night in Albany. The new regulations, expected to be signed in the law:
* eliminate vacancy decontrol (ability to bring up to market-rate when tenant leaves)
* limit Major Capital Improvement and Individual Apartment Improvement programs (little to no rent increases through reno)
* eliminate income-related deregulation (cannot charge market-rate for an apartment if the tenant's income hits $200,000)
Seems to me this will hurt small landlords, further incentivise bad ones to keep their properties slums, stop refinancing, and ultimately distress a good chunk of housing stock. This affects 1 million units in NYC.