All this does is remove properties from the rental pool and discourage landlords from investing in properties.
My in-laws had rentals in NYC that they converted into condos bc of the stupid rental laws that made it insane to be a good landlord. The only reliable way to make money as a landlord was to have tenements and slums.
They refused to go into the slumlord business.
...and to think that, long ago, only LAND OWNERS could vote.
Not paying rent isn’t good cause?
If the city really wants to reduce the number of rental units available, then they need to appeal this so their law can be restored. I assume that was the purpose of this law, right? Because such an outcome would certainly be the result.
The 36 unit apt bldg. I live in had 21 apts. of people move out between April and Dec 2020 because of the massive job loss due to the democrats with their lockdowns. New people moved in but only after months of losses to the owners as many of the apts. stayed empty. The turnover continued. Too many of those that left earlier and those that moved in and left did not pay the rent every month.