“While this matter may seem narrow in scope, making this policy retroactive will have a wide-ranging and immediate impact on the residential real estate industry, housing stock, the regional banking sector and the broader economy while ‘benefitting’ mostly affluent tenants predominantly in core Manhattan neighborhoods,” Stefanik and Malliotakis said in a joint letter sent to Hochul.
Stefanik and Malliotakis said in a joint letter, “While this matter may seem narrow in scope, making this policy retroactive will have a wide-ranging and immediate impact on the residential real estate industry.”The bills address two conflicting court rulings regarding rent-regulated and deregulated apartments and the Housing Stability and Tenant Protection Act of 2019, which restricted landlords’ ability to jack up rents.