Does NYC’s Rent Reforms Mean I Have a Better Chance of Buying My Rental Apartment?
Partner Philip Tucker was quoted in Brick Underground discussing the new rules for rent stabilized apartments and the ramifications those reforms hold for landlords.
One intention of the reforms was to increase the number of affordable rentals in the city by including a measure that would make it harder for landlords to convert their rental buildings to condos. The article mentions that Phil has "heard talk of owners lowering prices in order for their rental buildings to convert to condos." Phil went on to say, "this does set up the possibility of winners and losers by chance in the market."
The article also notes that Phil commented, "smaller landlords have been hit by a "sledgehammer" by the rent reforms and while the larger institutional landlords might be able to wait it out and see how the market responds, the smaller mom-and-pop outfits are going to have a much tougher time." The article states Phil's thoughts that "the possibility of smaller rental buildings selling up wholesale to institutional landlords with the result being the city loses many of its smaller local operators." Phil concluded, "[t]hat's a policy question as to what's better for the tenants and potential buyers—if it's a local mom and pop owner or a larger institutional owner."