Landlords hoping to pay tenants to move out of New York City's 1.3 million rent-regulated apartments will soon face new limitations on extending offers.
Mayor Bill de Blasio has now signed legislation barring repeated buyout offers within six months if tenants don't want them. Other provisions require reminders that tenants can refuse or consult lawyers.
De Blasio and other proponents say the measures will help keep residents from being browbeaten by landlords and professional “tenant relocators'' eager to empty rent-restricted apartments so they can charge more.
Vacant apartments often can be renovated, deregulated and re-rented at much higher prices. About 266,000 apartments have been deregulated since 1994.
Rent controls here in Toronto have landlords contemplating the same strategy as their counterparts in the Big Apple. Many have already been faulted for trying to remove sitting. Tenants in order to raise the rents to market levels.
Incentivizing tenant moves has proven just as problematic given NYC’s move.
Some real estate industry experts say the new restrictions will unduly curb communications with tenants.
The measures will take effect in three months.
The Canadian Press 2015
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate