Not Good for Prices - Rent Stabilization Laws May Not Pass

Fairly important long term... rent stabilization obviously pushes up free market rents, and prices on non-occupied apartments. The return to the old crappy system could have helped stem the decline. But that might not happen. http://therealdeal.com/newyork/articles/20426/elert Senator's switch may have killed tenant rights legislation In the weeks before State Senator Pedro Espada abandoned the... [more]

Fairly important long term... rent stabilization obviously pushes up free market rents, and prices on non-occupied apartments. The return to the old crappy system could have helped stem the decline. But that might not happen. http://therealdeal.com/newyork/articles/20426/elert Senator's switch may have killed tenant rights legislation In the weeks before State Senator Pedro Espada abandoned the Democratic caucus and shifted power to the Republicans, Senate Democrats were poised to vote on expanding rent regulation and tenant rights, including legislation that would have abolished vacancy decontrol. Espada, chairman of the State Housing Committee, assured Democratic leaders he would take up the bill, but announced he opposed the legislation last week when he joined the Republicans. Tenant advocates say with Republican control of the Senate, the legislation won't pass and believe there is little chance the bill will come up for a vote next year. Democrats say Espada's actions raise questions about whether he received financial support from real estate groups. Meanwhile, Bronx District Attorney Robert Johnson is investigating Espada and has subpoenaed his Senate records dating back to 1993. [NYT] [less]