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Thursday, September 19th, 2019

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Housing Bill – Boon or Bust?

Webster Avenue in Norwood
(photo by Joe Raskin, the author of “The Routes Not Taken – A Trip Through New York City’s Unbuilt Subway System,” and a free-lance photographer. Joe posts his photographs at his photoblog and he’s a regular contributor to thisistheBronX. http://wanderingnewyork.tumblr.com)

 The New York Times delved into the housing bill passed in the State Legislature last week that will disallow the deregulation of rent-stabilized apartments, a disproportionate number of which call the Bronx home. Tenants rights groups are celebrating the new laws, while developers are hand-wringing in anticipation of a financial downturn. The Times took a look at both sides.

 The article says that ground zero for how the new rules will ultimately play out is in the Bronx where 61% of the housing stock is rent-regulated.

Tenants feel relieved with the new legislation because in this era of outsized Bronx development, they feel targeted.

On the other hand, the Times spoke with a developer who claims that the new regulations will keep landlords and property owners from making enough money to renovate the buildings they oversee.

Whether this is true or a manufactured worry by those looking to profit from renters remains to be seen.

Read the full June 17, 2019 story by Luis Ferré Sadurni and Stephanos Chen at THE NEW YORK TIMES…

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