New York City Is Getting Better And Better For Renters

By
Mortgage and Lending with Olympus Labs

The Big Apple has long been chastised as a hub for greedy landlords willing and able to extort exuberant fees from their renters, but these days a number of positive developments are indisputably making New York City an increasingly attractive choice for the average tenant. A slate of new laws has drastically increased the protection that renters will enjoy, and political darlings of the city who are excellent at grabbing the national media spotlight are making huge pledges about its future.

 

What’s in store for New York’s housing market in the immediate future, and how will its new laws help renters? Here’s an analysis of why the city has a bright future ahead of it where everyday tenants are concerned.

 

State lawmakers just passed crucial legislation

 

The most important factor that’s driving the future of New York City’s housing market right now is that state lawmakers just passed crucial legislation which affords everyday renters a number of protections which will keep them safe from unsavoury landlords. One of the new laws insist that the security deposit of renters can’t exceed one month’s rent, and furthermore it is now easier for renters to get such deposits back after they’ve moved out without damaging their former residence. Other laws are also being implemented to make it much easier to find and enjoy an apartment in the city, without the fear of being overcharged or hoodwinked by the land lord.

 

According to thorough reporting from the New York Times, for instance, tenants who were once capable of being labeled “troublemakers” on a list that could be shared with other landlords are now protected from that insidious practice, as it’s since been banned by state legislators. Doubtlessly, rampant discrimination was part of this decision; tenants of various demographics were likely far more susceptible to ending up on such a list if they were dealing with bigoted landlords. This move in particular could help New York City retain its titles as one of the most welcoming cities on Earth where newcomers and foreigners are concerned.

 

Regulated apartments now enjoy more thorough protections, too, as a number of loopholes which enabled landlords to raise the rent or mull other steps that would increase their income has been substantially diminished. Landlords will obviously assert that the new restrictions stifle their ability to earn a profit and keep the housing market across the city vibrant and prosperous, but the new state legislator that was elected in 2018 will doubtlessly be less-than-receptive to these pleas. For years, higher-paying tenants have been advantaged over everyday renters, creating a political firestorm where average New Yorkers petitioned their lawmakers to take strict action for more affordable housing.

 

Tenants will also now enjoy greater privileges when it comes to suing landlords who have stepped over their boundaries and exerted their authority where they shouldn’t have. If someone overcharges a New York renter, for instance, they’re much more liable to be held accountable for their actions now that these new laws have been passed.

 

These changes were long overdue

 

The decision by state lawmakers to focus on the city’s crunched housing market is long overdue; for countless years, New York City has been suffering because hardworking professionals and aspiring students struggled to find affordable living spaces within its confines. Even offices in Manhattan felt the heat, though they weren’t particularly targeted in the recent legislative avalanche of new regulations. Some of the most vulnerable tenants in the city, including those who live in its single trailer park on Staten Island, will enjoy greater protections now than ever before – this is positive news not only for the moral well being of the city, but also for its long-term attraction as it attempts to lure in more everyday Americans.

 

Whether these new laws can make housing more affordable overall is still hotly debated, however, as some activists continue to assert that city officials need to do more to make the costs of living in the Big Apple more acceptable for those who aren’t earning high wages. Recently-elected Democratic Congresswoman Alexandria Ocasio-Cortez, for instance, has been leveraging her massive national spotlight to put pressure on city legislators and real estate professionals in an effort to turn housing into a codified human right.

 

Now that more politicians are talking about housing as a human right, we could see sizable progress in the near-future when it comes to overall affordability in the city, yet political opposition will be plentiful to the notion that housing is a human right. Everyday New Yorkers, real estate professionals, and legislators will have to work hand in hand to resolve their differences in the pursuit of a more affordable yet prosperous city that meets the needs of as many of its residents as possible. These new protections for renters, however, are an excellent step in the right direction – in the long run, New York City will benefit greatly from paying more attention to everyday renters. 

 

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  1. Nick Vandekar, 610-203-4543 08/03/2020 03:19 PM
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Real Estate Market Trends

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Rainmaker
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Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Good post, with lots of information for those who need help, the rneter, so often overlooked when in fact many young people prefer to rent.

Aug 03, 2020 03:17 PM #1
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