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Except NYC has laws making it difficult to do. A 2019 law they passed limits the amount a unit can have its rent increased in the case of a capital improvement
by ecshafer 1y ago
Except NYC has laws making it difficult to do. A 2019 law they passed limits the amount a unit can have its rent increased in the case of a capital improvement at a small fraction of the capital cost. Now that interest rates are higher land lords are forced to keep units vacant, since theyll lose money taking a loan to get units up to code.
- JumpCrisscross 1y ago> 2019 law they passed limits the amount a unit can have its rent increased in the case of a capital improvement at a small fraction of the capital cost Source? This sounds like it only applies to stabilised apartments. > Now that interest rates are higher land lords are forced to keep units vacant Rental vacancies are similar to what they were in 2019 [1]. [1] https://fred.stlouisfed.org/series/NYRVAC https://fred.stlouisfed.org/series/NYRVAC