ABO released the following statement on the passage of rent law changes late last week:
Extension of the rent laws for four years with significantly lower returns for building owners was one of the few major issues on which Gov. Cuomo failed the people of the State of New York in his first legislative session as Governor. The people won’t thank him when they see poorer housing quality as a result.
By slowing the pace of deregulation, reducing the return on individual apartment improvements, and limiting vacancy increases to once a year, the Governor’s plan will squeeze profits and discourage owners from reinvesting in their property. And, the property tax cap will do nothing for New York City building owners who are suffering assessment increases on already overtaxed properties.
As bad as the changes were, it may seem strange to complain the laws were extended for only four years, but the bottom line is that uncertainty is always a threat to business and now we have to live with the fear of even worse measures in the relatively near future.
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