City to landlords offering buyouts: Back off!

Owners will have to wait six months between offers to rent-regulated tenants

New York /
Sep.September 03, 2015 01:30 PM

It doesn’t hurt to ask, right? When it comes to landlords offering to buy out rent-regulated tenants, Mayor Bill de Blasio begs to differ.

New rules, signed into law Thursday, will require city landlords to wait six months from the time a rent-regulated tenant rejects a buyout offer before the landlord can make another.

“We will not let abusive landlords intimidate tenants so they can make an extra buck,” de Blasio said at a hearing Wednesday.

Vacant rent-stabilized apartments renovated and re-rented at market rates can often fetch as much as triple their rent, the Associated Press reported. Around 266,000 apartments have been deregulated since 1994.

But landlords and allies are pushing back.

The six-month lockout “prohibits what can be purely benign, non-threatening, non-intimidating—what should be protected free speech,” Sherwin Belkin, of law firm Belkin Burden Wenig & Goldman told the AP. He also noted that laws against harassing tenants are already on the books. In 2014, the penalty for such badgering doubled to $10,000. [AP]Ariel Stulberg

 

Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Landlord groups say the Housing and Vacancy Survey distorts the vacancy rates in New York City to maintain rent stabilization. (iStock)
Empty numbers: Landlords say vacancy survey distorts truth
Empty numbers: Landlords say vacancy survey distorts truth
John Catsimatidis and 670 Pacific Street (Getty, StreetEasy)
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Catsimatidis notches win for landlords in 421a suit; tenants vow to appeal
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
Gary Barnett has another problem at UES site: a stabilized tenant
RSA President Joe Strasburg (Jefferson Siegel) and Governor Cuomo (Getty)
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
Landlords ask Cuomo to ditch eviction ban after ending Covid restrictions
The Mercedes House (Photos via Instrata, Ten Arquitectos)
Nab this rent-stabilized penthouse for $8K per month
Nab this rent-stabilized penthouse for $8K per month
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...