A survey of multifamily buildings owners in NYC shows that those with portfolios of rent-stabilized apartments are struggling to make necessary repairs on their units, leading to higher vacancy rates.
The Real Estate Board of New York and the Rent Stabilization Association of NYC commissioned the study, which focused on the impact of the 2019 rent control law and surveyed 781 residential property owners and managers representing properties encompassing 242,000 units.
REBNY said the results prove that the 2019 rent law, known as the Housing Stability and Tenant Protection Act "has wrecked the ability of property owners to pay for the upkeep of their property."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
