| For those of you who work with or own residential rentals, I wanted to make you aware of proposed changes to real property law, click in the link below to read more.
Along with other restrictions, Senate Bill 305/Assembly Bill A4454, a/k/a “Good Cause Eviction,” would cap rent increases at 3 percent in a year, or 1.5 times the annual percentage of change in the consumer price index. It also contains a Waiver of Rights clause that would “void as contrary to public policy any agreement by a tenant heretofore or hereinafter entered into a written lease or other rental agreement.”
At a time when the housing shortage has become a crisis, this proposal disincentivizes landlords from creating, improving or investing in building.
This bill is being proposed in the NYS budget negotiations. If Senate Bill S305 is put into the budget, the bill will not have to go through the normal legislative process. The budget is due this Friday, March 31.
Should you choose to weigh in on this urgent matter. |
