"New" NY Tenant Protection Laws - Still Worth Investing in NY?

[Joseph Firmin]

Our property  manager emailed last night stating they are having an "emergency meeting" to discuss whether they should continue business given the new regulations signed into effect by Gov. Cuomo. The new tenant protections and rent regulation laws are EXTREMELY tenant-friendly and to the detriment of landlords. Would like to get the group's thoughts on how to judge the additional risk now involved with being a landlord in NY and if it is still worth continued investment in multifamily and SF rentals in NY, particularly upstate NY. 

If you haven't read about the new laws see here: 13 Things to Know - https://www.nysar.com/docs/default-source/legal/2019-nysar-landlord-amp-tenant-reform---13-things-to-know.pdf?sfvrsn=2&utm_source=NYSAR+Master+List&utm_campaign=8d2ded2f49-EMAIL_CAMPAIGN_2019_07_30_06_53_COPY_01&utm_medium=email&utm_term=0_f1e488a523-8d2ded2f49-160916797

And more detail here: https://www.nysar.com/docs/default-source/legal/2019-nysar-landlord-tenant-reform---memorandum.pdf?sfvrsn=2&utm_source=NYSAR+Master+List&utm_campaign=8d2ded2f49-EMAIL_CAMPAIGN_2019_07_30_06_53_COPY_01&utm_medium=email&utm_term=0_f1e488a523-8d2ded2f49-160916797

Thank you in advance for your thoughts! - Joe

[Holly Williams]

@Joseph Firmin

I’m a New Yorker who is NOT touching NY. It’s a landlord’s nightmare. After all, we are just evil capitalists taking advantage of the poor renters.

I have a 4-family in Brooklyn and a house upstate. I’m done, and now focused on passive multifamily in markets where people from the NE are moving.