After the sweeping changes to the rent law in June, multifamily landlords are reconsidering their usual practice of renovating rent-regulated apartments that become vacant. The law slashed financial incentives to improve individual units as well as to make building-wide upgrades, and eliminated rent increases that stem directly from vacancy. Some real estate attorneys have cited cases of landlords keeping apartments vacant as they push legislators to change the new law. The Real Deal reporter Georgia Kromrei was interviewed on CBS New York about these issues and whether the statute will lead to capital flight and widespread deterioration of rent-regulated housing.
TRD reporter on CBS-2 discusses landlords keeping rent-regulated units empty
Kromrei: Real estate attorneys say vacancy may be strategy to pressure legislators