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Updated almost 5 years ago on . Most recent reply

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Joshua Israel
  • Real Estate Agent
  • Buffalo, NY
5
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14
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What have NYS investors done to counter the new tenancy laws?

Joshua Israel
  • Real Estate Agent
  • Buffalo, NY
Posted

What have NYS Landlords done to counter the new tenancy laws?

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132
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Harriet Baldwin
  • Financial Advisor
  • Elmira, NY
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Harriet Baldwin
  • Financial Advisor
  • Elmira, NY
Replied

@Joshua Israel there is a very active landlord attorney in Buffalo & Rochester who has great insights, not sure I can post her name under forum rules, pm me if you want specifics...

I attended the Unify Upstate Landlords conference yesterday 9/10/19 at Turning Stone.  Lots of lobbying and coalition building are on the horizon.  There was an open Q&A with an experienced upstate landlord attorney, the practice/adjudication of the new law isn't exactly settled yet, and ianal, but some actions by landlords include:

-move to eviction more quickly

-raise rents (and in some cases offer early payment discounts)

-increase qualification requirements.  Anecdotally, some landlord in NYC now "requires" income of 50x the monthly rent. Yes, fifty.  I assume so anyone with less income than that will offer to pay in advance so they can be approved despite falling short of the income hurdle

The new law seems likely to have the biggest impact on the lower end of the market, and it's hurting tenants as well.  Folks are no longer allowed to pay extra security to overcome falling short on qualifications, and with longer eviction processes landlords are raising and/or becoming more strict on those qualifications.

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