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.