Controversial measure impacts stabilized unit transitions and capital improvements
SANTA BARBARA, Calif., August 1, 2019 โ New York stateโs Housing Stability and Tenant Protection Act of 2019 limits rent increases when stabilized units are vacated and caps rent increases made in conjunction with capital improvements to properties. Affordable housing advocates applaud the legislation as a boon to renters, especially those in New York Cityโs five boroughs, while others worry it will lead to a deterioration of housing stock and an exodus of development and investment.
A new bulletin from Yardiยฎ Matrix weighs in on the new law and the turmoil surrounding it. The bulletin, โNew York Rent Control: Paved With Good Intentionsโ is available for download.
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About Yardi
Yardiยฎ develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.