Expanded Rent Stabilization Law Freezes NYC Stabilized Multifamily Property Market, Generates Buying Opportunities for Intrepid Investors
New York state authorities last year passed legislation designed to maintain rental affordability and housing stability in the Empire State. Mandated changes for units not currently subject to stabilization were mostly technical in nature — relating to rent increase notification periods, evictions and security deposits — but the impact on the New York City’s nearly 1 million regulated units was significant. Previously, an owner’s ability to raise stabilized unit rents was limited by a …