The left’s war on landlords is destroying NYC’s housing

[Kamaji]

The left’s war on landlords is destroying NYC’s housing

By NY Post Editorial Board
April 23, 2023

A preliminary Rent Guidelines Board report last week raises the possibility of an eye-popping 8.25% hike for roughly 1 million rent-regulated units.

The City Council’s Progressive Caucus is howling, yet anything less than the suggested 8.25% rise for one-year leases (15.75% hike for two-year ones) would be another blow to affordable housing, deepening the city’s housing crisis.

Those figures simply reflect the rising costs faced by property owners, such as a whopping 19% jump in the cost of fuel for heating and an 8.1% spike in building maintenance costs.

And that comes on top of expensive renovations required by Local Law 97’s climate mandates and a state law that’s forcing older units (too costly to renovate) off the market.

Not to mention all the landlords screwed by tenants who used the long pandemic ban on evictions as a license to not pay rent for over a year.

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Source:  https://nypost.com/2023/04/23/the-lefts-war-on-landlords-is-destroying-nycs-housing/