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NYM had one of the most active months of the year so far as the multifamily industry continues to adjust to the impact surrounding the new rent laws.
In July, we had a total of $352,002,556 in activity! This month we placed $112,550,000 under contract and listed 14 properties totaling $205,700,000.
Living in NYC will be dramatically reshaped. The “2019 Rent Reform Act” immediately implements state-wide rent caps on rent stabilized apartments and more strict landlord controls, as the government vastly increases its power over these buildings.
The political change which allowed the bill to pass, was created when Democrats took control of the New York State Senate, which has been typically held by Republicans. In a way, this change is the result of “anti-trump” votes that flipped those senate seats in the mid-terms of 2018. This effectively created a 1-party rule throughout New York.
All participants in commercial real estate are hunting for a competitive advantage. Whether you are an investor, broker, or other player, you have probably explored technology to improve your success. And technology is a great tool. But, there is much more to the story.
When talking about the future, you may be surprised to know that Jeff Bezos advised us to “focus on what doesn’t change.”