Connect
New York Article

New York Landlords Slow Apartment Upgrades, Blame New Rent Law

New York Landlords Slow Apartment Upgrades, Blame New Rent Law

Josh Barbanel reports on the continued fallout from New York’s rent control law in The Wall Street Journal.

Under the new law, reimbursement on apartment renovations is limited to $15,000 over a 15-year period, far below the cost of most renovations. The median interior renovation project costs $60,000, according to permit records.

Spending listed on permit applications are often bare-bone estimates because they are used to calculate permit-filing fees, industry executive say, and typically don’t include the cost of fitting out the apartments with flooring and appliances.

Russell Gittle, president of Total Kitchen Outfitters, said he had laid off nine employees who worked on landlord projects. Other contractors had gone out of business, he said.

“There are people you would meet on the job who are not there anymore, he said. “It is a disaster.”

Read more here.

STAY INFORMED

Join Our Email List