Not long ago, The Housing Stability and Tenant Protection Act (HSTPA) passed a law right before the NYC rent control laws expired. Keep reading before you zone out wondering, “why would this matter in Rochester?”
Those who rent out property within New York State will be impacted. Part G and Part M in Section 1 changes the way housing providers can control, maintain and practice when it comes to multi-family housing.
Part G indicates that any locality in New York State can now enact rent control if a “declaration of emergency” is enacted around available housing apartments. Based off the Emergency Tenant Protection Act (EPTA) of 1974, a declaration of emergency can be made if there is a rental vacancy rate less than 5% in the area.
If you are a landlord or investor, this is something you need to take into consideration. There are ways you can get involved and help address the potential, unintended consequences. Under One Roof is a coalition of landlords, tenants and industry partners urging state law makers to look at all unintended consequences. Get involved at Under One Roof here: underoneroofny.org to join and help the cause.
To learn more about the law passed, take a look here: https://nyassembly.gov/leg/?default_fld=&leg_video=&bn=A08281&term=2019&Summary=Y&Memo=Y
What repercussions do you anticipate?
*This information is not intended to be a full disclosure of the law passed, nor is it intended to provide legal advice.