What are the chances the 2019 NYC rent laws will be repealed?
Curious what people in the industry are saying. The two organizations RSA and CHIP are fighting it in court, but what are the chances they or anyone else will succeed and repealing the laws?
[{"id": "fiocvgi", "text": "Full repeal? Unlikely. Clarification and amendments? Extremely likely. \n\nFor example, the practices of the hamptons summer rental market, where for decades homes have rented for MD - LD, with half paid at signing and the other half 30 days before MD, expenses reimbursed by tenant, now run completely afoul of the law as historically constructed. Yes, seasonal leases can be constructed to technically comply with the new law, but count on Long Island\u2019s reps to make sure the law gets amended to exclude rentals of 120 days or fewer.", "replies": [], "depth": 1}, {"id": "fip3xg6", "text": "when landlords stop paying mortgages because of the rise in property taxes, and the buildings go into foreclosure, and the rats, crime and garbage take over nyc like they did in the 80s then it will be repealed.  or when you smart geniuses decide to vote for a normal person to be your next mayor instead of a guy who looks like big bird and you have no clue of any improvement he actually has done since he took office.  the mayor is a joke.  what a dumb guy.", "replies": [{"id": "firpexh", "text": "Only 25% of New Yorkers voted for him, out of that over 70% that voted were from the ghettos voting for their utopia and handouts. \n\nPeople need to vote a lot out of local gov.", "replies": [{"id": "fis1w0n", "text": "he's literally going to ruin the city and bring it back to the days of bernie getz.  not gonna be fun.  time to move to delray", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "fip71a2", "text": "Rent control laws in general are total garbage and do little but hurt tenants and landlords.\n\nThe solution is pretty simple. Build more housing and balance supply/demand. But so many people are NIMBY folks.", "replies": [{"id": "fiq34o0", "text": "You\u2019re 100% right, but if you do something that allows that, like I don\u2019t know deregulating housing policies and allowing anything to be built.  While this would allow demand to meet supply, what would then happen is that housing prices would decline significantly, and moving forward they would remain relatively static.\n\nHow would people feel if the house next door was bought and replaced by a multi unit complex?  Cities would have no control outside of safety measures in terms of how buildings look, and you\u2019d get a mix mash of styles.  Plus, while homeowners would still be able to build wealth through equity, they won\u2019t see the appreciation we\u2019ve seen over the past 40 years, and lastly, apartment prices would become affordable again, after supply is built you\u2019d see less apartments being built, especially on the luxury side, and the cap rates would go up to account for the loss of appreciation.", "replies": [], "depth": 2}], "depth": 1}]