New York City Comptroller Brad Lander has issued a report directly challenging survey results from two trade groups representing landlords which found that vacancies of rent-controlled apartments are surging because owners can't afford necessary repairs.
The Real Estate Board of New York (REBNY) and the Rent Stabilization Association (RSA) of NYC late last month released the results of a year-long survey of 781 residential property owners and managers representing properties encompassing 242,000 units, asking them about the impact of NYC's 2019 rent control law.
REBNY said the results prove that the 2019 rent law, known as the Housing Stability and Tenant Protection Act (HSTPA), "has wrecked the ability of property owners to pay for the upkeep of their property."
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