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For NYC Landlords, New Rules Loom On Buying Tenants Out


nycaptNew York City is poised to rein in landlords seeking to buy tenants out of rent-regulated apartments. The practice has come under scrutiny in a roaring real estate market.

Mayor Bill de Blasio is expected Thursday to sign legislation that would bar repeated buyout offers within six months if tenants don’t want them. Other provisions would require reminders that tenants can refuse or consult lawyers.

De Blasio and other proponents say the measures will help keep residents from being browbeaten by landlords and professional “tenant relocators” eager to empty rent-restricted apartments so they can charge more.

Vacant apartments often can be renovated, deregulated and re-rented at much higher prices. About 266,000 apartments have been deregulated since 1994.

Some real estate industry experts say the proposed restrictions unduly curb communications with tenants.

(AP)



One Response

  1. if THE owners don’t make money the end would be dilapidated apartments good to neither tenant or landlord and worse for the city blight.

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