Welcome to this two-part series about the owner’s response to the rent regulation laws that were passed in June 2019 in New York. This law radically transformed how owners of multifamily properties with rent stabilized tenants conduct their business and in response, several owner groups have filed lawsuits. The most prominent of those lawsuits has been brought by two of the largest organizations representing multifamily owners in New York City: Chip (Community Housing Improvement Program), and RSA, the Rent Stabilization Association.
Today we are sitting down with Jay Martin who is the executive director of the Chip organization and we discuss the details of the lawsuit, it’s major claims, timing, and other questions that owners may have about strategy and viability.
In addition, we discuss other future developments that are imminent in the multifamily industry. Specifically, a bill called “Good Cause Eviction”, which would call for rent control on the remaining 1 million free market units in the city. This would be another massive transformation of the industry. We talk about the aspects of that bill and the possibility of it being passed in January.
For people watching, investing, and participating in the New York City marketplace this is a must listen episode—The first of a two-part series.
I hope you enjoy it and now let’s go behind the bricks with Jay Martin.
For more information visit: www.behindthebricks.com
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