Report: State's rent stabilization laws might negatively affect properties in Westchester

The report suggests the law is having a negative financial impact on property owners that could hurt renters.

News 12 Staff

Feb 17, 2023, 1:57 AM

Updated 463 days ago

Share:

A newly released report looks at the impacts the state's rent stabilization laws might negatively affect properties in Westchester.
The Building and Realty Institute found a drop in how much landlords spend on maintenance, that rents haven't kept up with inflation and smaller buildings might not be able to recoup the costs of major capital improvements since the law was passed in 2019.
They'd like to see some tweaks to the law, including a possible change to the cap on how much rent stabilized rents can go up each year.F
air housing advocates say the data is misleading, saying landlords are still making large profits every month and the law is keeping more people in their homes.
Nearly 40 % of New Yorkers are paying over one-third of their income for housing, according to the grassroots group, For the Many. 


More from News 12