Landlords started 535 fewer renovation projects from July through November in rent-regulated buildings over the same period in 2018, a decline of 44%, according to an analysis by The Wall Street Journal of city Department of Buildings records.
Spending on the renovations fell by $71 million.
Source: Law Daily Report (lawdailyreport.net)
Your rent won't go up as fast, but at least your landlord will let your place gradually deteriorate positivepessimisms rentcontroledition
Are the landlord's property taxes allowed to be increased?
The new law limited landlords to raise rents adjusted for inflation (1.5-2.5%). The landlords are not loosing money, they are just being greedy. It’s about time the landlords get reigned in.
Duh.
GREED and defiance governs their behavior!!!!!
Congrats to Mayor DeBlasio.
Can u imagine if we cut all rents/mortgages by 70%. We need a rent mortgage reduction act. The of working poor who r homeless is a major crisis. Minimum wage is a joke. Jerks like Jeff just keep perpetuating unlivable slave wages while bribing the gop to look the other way.
If only there were, say, laws of economics that would explain this.
New York’s new rental protections won’t end the outsize influence of big developers who pay the city’s bills.
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