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Group calls for reversal of 2019 rent-stabilization laws

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  • Staff Report 

In New York, real estate groups are campaigning to modify the state’s 2019 rent-stabilization laws, citing a commissioned study that claims these regulations have led to disinvestment and increased vacancies in rent-regulated housing. The Real Estate Board of New York and the Rent Stabilization Association, which represent property owners and managers of roughly 242,000 units, argue that the changes have made it economically unfeasible to invest in necessary building upgrades, proposing adjustments to facilitate renovations and improve the quality of affordable housing.

As negotiations begin in Albany, tenant activists and progressive lawmakers are opposing any efforts to roll back the reforms, emphasizing the importance of maintaining tenant protections established five years ago. The 2019 changes, which curtailed landlords’ ability to raise rents and removed several units from rent regulation, have been a point of contention between the real estate industry and housing advocates.

The debate over potential amendments to the rent laws unfolds amid an acute housing shortage in New York, with state lawmakers pressured to address the issue. The real estate industry’s push for legislative changes reflects ongoing tensions over housing policy, as both sides grapple with finding a balance between protecting tenants and ensuring the viability of the city’s rental market.