Landlords in New York have significantly reduced spending on renovating apartments since the state government introduced rent reform legislation. BisNow explains why rent control reform has caused these impacts:
“Under the Housing Stability and Tenant Protection Act of 2019 passed in June, the Major Capital Improvement and Individual Apartment Improvements programs, which have allowed landlords to pass on the costs of building improvements in rent, were significantly slashed.
:Members of the real estate industry have slammed the legislation, saying it will mean less investment in buildings and therefore an overall decline in the housing stock. ‘The only thing that is certain is that I will not run the buildings in the same way as in the past,” Nelson Management President Robert Nelson said in July.'”