What changes will take place:
Preferential rents would be guaranteed for the tenancy, preventing landlords from jacking the price to the legal maximum at lease renewal time.
Ending the ‘vacancy bonus,’ which allowed landlords to increase rents by 20 percent each time a regulated apartment turns over.
Repeals provisions of state law that allowed landlords to deregulate apartments and charge market rates for units when rents exceeded $2,700.
Cut the amount landlords can increase rents to pay for major building improvements from 6% a year to 2%.
What will this do?
This will cut the income of all NYC landlords for over 1,000,000 apartment sin our city. It will bring back the slumlord. When landlords stop earning money they wills top caring about their buildings.
In the 70's and early 80's landlords didn't make money because nobody would pay it. Now the city is making the cost of ownership greater then the amount a landlord can earn. Different reason but we will see the same result.
Today is the start of a bad season for NYC rent-stabilized tenants. If you are rent stabilized you may want to form a tenants board and work with a lawyer or broker to know your rights.