The city’s real estate stakeholders got a fresh dose of uncertainty on Wednesday following the four-member Independent Democratic Conference’s announcement that it would end its alliance with state Senate Republicans, which has paved the way for pro-business legislation since 2012.
The timing is crucial, as a number of state rent laws expire next June. If all goes according to plan, Senator Jeff Klein, head of the breakaway IDC, would form a coalition with Senate Democrats in November, Crain’s reported.
A Democratic-controlled state Senate would be a “total disaster,” Joe Strasburg, president of the Rent Stabilization Association, told Crain’s. Strasburg, whose organization represents landlords, is particularly worried that such a Democratic coalition would move forward with a repeal of the Urstadt law, which would give New York City – and Mayor Bill de Blasio – greater control over rent regulation.
However, at least one tenant advocate isn’t sure that a Democratic coalition would come through for renters. Michael McKee, treasurer of Tenant PAC called Senator Klein “an operative of the real estate industry” and said a leadership that includes him won’t necessarily be better for tenants. [Crain’s] – Tom DiChristopher