Development in Western Queens off of Queens Plaza in the neighborhood of Long Island City.
NEW YORK CITY- New York City's real estate industry is still trying to assess the many areas of the fallout from the sweeping rent regulation changes this past June.
Meanwhile, another seismic change with respect to residential rental laws and regulation rules could well be on the way. The so-called "Good Cause Eviction" bill, also known as Universal Rent Control, would apply to nearly all market-rate residential rental units in New York City and throughout the entire state.
The bill, aimed at stopping "unconscionable" rent hikes, would cap rent increases and prohibit landlords from evicting tenants or failing to renew a lease except for "good cause," a term that is not fully defined, Jeffrey Reich, partner at Schwartz Sladkus Reich Greenberg Atlas, tells GlobeSt.com.
"As with the 2019 changes to the rent regulation laws, there are many areas of confusion, as well as potential unintended consequences, related to this bill as drafted," Reich says. "Independent of this, universal rent control will have a dramatic negative impact on real estate prices and the health of the New York City housing market, which is already reeling from recent legislative action."
Reasons for eviction would be limited to a tenant refusing to pay rent, illegal activity, a significant violation of the lease, having a pet when pets are not allowed, causing a nuisance, etc. However, what happens if the owner wants to sell a property? Under the currently proposed language, the owner would not be able to evict the tenant, or decided not to renew a lease, in order to sell a vacant building.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
