Author Topic: NYS new rent regulations laws  (Read 1749 times)

Offline shulemw

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NYS new rent regulations laws
« on: June 13, 2019, 12:21:32 PM »
Does anyone know if these new laws are going to be in affect on non regulated units till now. like on 3/5 family buildings that where not regulated at all till now.
or its only going to affect units that are anyway now under the rent control it will make it harder for them?

Did not find this info anywhere

Offline shapsam

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Re: NYS new rent regulations laws
« Reply #1 on: June 13, 2019, 12:30:18 PM »
Does anyone know if these new laws are going to be in affect on non regulated units till now. like on 3/5 family buildings that where not regulated at all till now.
or its only going to affect units that are anyway now under the rent control it will make it harder for them?

Did not find this info anywhere
It's not just "making it harder", some people will lose literally hundreds of millions of dollars and this will kill the NY RE industry (until it is reversed).

Offline Essen est zich

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Re: NYS new rent regulations laws
« Reply #2 on: February 06, 2020, 03:40:32 PM »
No more broker fees to the tenant.

Offline YesThatsMe

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Re: NYS new rent regulations laws
« Reply #3 on: February 06, 2020, 03:45:44 PM »
No more broker fees to the tenant.

There's a different thread for this, but nice to see NY adapting standard practice throughout the nation.

Offline ltttc

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Re: NYS new rent regulations laws
« Reply #4 on: February 06, 2020, 04:27:49 PM »
There's a different thread for this, but nice to see NY adapting standard practice throughout the nation.
Depends what side of the fence you're on

Offline yuneeq

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Re: NYS new rent regulations laws
« Reply #5 on: February 06, 2020, 04:33:13 PM »
It's not just "making it harder", some people will lose literally hundreds of millions of dollars and this will kill the NY RE industry (until it is reversed).

Which people will lose hundreds of millions, and how? Are you assuming that rent prices won't be jacked up at all to cover the cost?

Offline avromie7

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Re: NYS new rent regulations laws
« Reply #6 on: February 06, 2020, 04:55:12 PM »
Which people will lose hundreds of millions, and how? Are you assuming that rent prices won't be jacked up at all to cover the cost?
They can't be jacked up, that's already regulated.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline yuneeq

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Re: NYS new rent regulations laws
« Reply #7 on: February 06, 2020, 05:36:40 PM »
They can't be jacked up, that's already regulated.

This new law applies only to brokers that the landlord hires. With that in mind, how hard is it to fill a rent regulated apartment without a broker, or only using tenant brokers? I don't know, but if I had to guess I'd assume it's pretty easy.

Offline avromie7

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Re: NYS new rent regulations laws
« Reply #8 on: February 06, 2020, 05:59:24 PM »
This new law applies only to brokers that the landlord hires. With that in mind, how hard is it to fill a rent regulated apartment without a broker, or only using tenant brokers? I don't know, but if I had to guess I'd assume it's pretty easy.
You're probably right.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline good sam

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Re: NYS new rent regulations laws
« Reply #9 on: February 06, 2020, 06:05:08 PM »
Which people will lose hundreds of millions, and how? Are you assuming that rent prices won't be jacked up at all to cover the cost?
A client of mine told me he estimates his losses at half a billion. No you can't just jack up rents, that's not how the rental market works.
If you don't care why would you comment?
HT: DMYD

Offline neveryou

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Re: NYS new rent regulations laws
« Reply #10 on: February 06, 2020, 06:21:06 PM »
Seems that brokers will now require you to fill out a form saying that you hired the broker to rent the apartment. I don't think anything will practically change from this.

Offline shulemw

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Re: NYS new rent regulations laws
« Reply #11 on: February 07, 2020, 01:37:02 AM »
the point of these laws are not to change something. its meant to fool in the low income people that the Democrats fight for them (and also comes from envy to the rich people that succeeded)

Offline avromie7

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Re: NYS new rent regulations laws
« Reply #12 on: February 07, 2020, 09:36:04 AM »
the point of these laws are not to change something. its meant to fool in the low income people that the Democrats fight for them (and also comes from envy to the rich people that succeeded)
More this than anything else.
I wonder what people who type "u" instead of "you" do with all their free time.

Offline AsherO

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Re: NYS new rent regulations laws
« Reply #13 on: February 07, 2020, 10:17:25 AM »
the point of these laws are not to change something. its meant to fool in the low income people that the Democrats fight for them (and also comes from envy to the rich people that succeeded)

Laws that lose people hundreds of millions of dollars definitely “change something”, not saying it benefits anyone or is collectively good for society.

Offline Yonah

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Offline ExGingi

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Re: NYS new rent regulations laws
« Reply #15 on: February 07, 2020, 01:54:56 PM »
https://www.nytimes.com/2020/02/06/nyregion/nyc-brokers-fees-ban.html

https://www.nytimes.com/2020/02/05/nyregion/nyc-landlord-rental-broker-fees.html


Wow. In one swoosh, a (somewhat shady) industry fundamentally transformed.

The big difference between Landlords paying the fee to the (residential) tenants paying the fee is in whether a 1099 will be issued. HUGE hit to the brokers.

The other difference being that the tenant seeking an apartment is likely to have a one time or short time relationship, whereas the landlords would have a longer relationship, which would come into play in negotiating fees as well as rental rates.
I've been waiting over 5 years with bated breath for someone to say that!
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Offline mercaz1

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Re: NYS new rent regulations laws
« Reply #16 on: February 07, 2020, 02:09:16 PM »
a lot of brokers are going to be out of work due to this law

Offline ExGingi

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Re: NYS new rent regulations laws
« Reply #17 on: February 08, 2020, 10:06:20 PM »
I've been waiting over 5 years with bated breath for someone to say that!
-- Dan