During the six years since New York’s rent law crushed rent-stabilized revenue, the industry opinion became almost unanimous: The legislation would be the death of much of the regulated housing stock.
But landlord anecdotes have now given way to court data on increased foreclosure filings and damning reports by watchdog groups and researchers, widening the consensus. Some say the problem is a time bomb: If the state doesn’t step in and alter the law, New York City will have to pick up the pieces of the coming explosion, whether it can afford to or not.
Source: Rent-stabilized Investments Drive NYC Pension Fund Losses
