A Call to Action

A Call to Action

Here's a real gem from our fearless leaders in Albany: Assembly bill number A20754, introduced in January, would make rent regulation apply to three-family dwellings and up. As of now, rent stabilization does not kick in unless you have a six-family or bigger building.

The bill has not come to a vote yet, so there is still time to contact your state-house representatives and advise them of how ill-conceived this bill is.

I love the fact that the bill summary states "Fiscal implications: none". As long as the money is not coming out of the politicians' own pockets, it doesn't count. Does anyone think this bill, if it were to become law, would have no fiscal implications for the thousands of small-building landlords who maintain the majority of New York's rental housing stock?

Here's the link to more information: http://assembly.state.ny.us/leg/?bn=A02754

This is not the only assault on small and mid-sized landlords. A recent news item from the Real Deal is circulating the internet. It is of potentially major importance and warrants repetition here. (http://www.therealdeal.net/breaking_news/2007/07/12/1184253781.php)

Governor Spitzer sponsored and introduced a bill in the New York State Legislature that would make it harder to get apartments out of rent regulation. Right now, if an apartment's lawful rent is $2,000 or more, the apartment can be taken out of rent stabilization. This is the so-called "luxury de-control" provision - although $2,000 does not get you much luxury in this town.

Spitzer's bill would raise the de-control threshold to $2,800, and that threshold would rise year-by-year in step with the regional consumer price index.

The bill passed the Democrat-controlled Assembly on June 13th, and is now in the hands of the State Senate. Most observers believe the bill will die there, but it may end up passing. Big real estate interests don't really care one way or another because their condo developments and new luxury rental buildings won't be affected - they are not subject to rent stabilization to begin with.

The people who will be affected are the city's innumerable small landlords - the ones who own the small to mid-sized apartment buildings throughout the boroughs. I'm betting that most of them don't even know about this.

Follow this link to see how your assemblyman voted: http://assembly.state.ny.us/leg/?bn=A08594. I urge all small-property owners to immediately and loudly let their state senators know exactly how they feel about this bill.