The Real Estate Board President introduced proposals for tenant protections during the New York state budget negotiations. However, several real estate professionals were at a loss for the proposals introduced.On April 12, during negotiations for the New York state budget, the President of the state’s Real Estate Board, James Whelan, emailed three proposals for tenant protections to Governor Kathy Hochul’s advisors. The memorandum stated that one of the three proposals is a presumed offer of an industry-written bill that does not appear to have been introduced in a New York state budget before.
An article in New York Focus states that the three proposals for the New York state budget will create limits on some annual increases in rent, increase funding for legal aid of tenants who are facing eviction, and add judges to the housing court.
In particular, the proposal regarding the increase in rent in the New York state budget will limit the annual increase at 10% per year. However, the limitations will only be under certain market conditions in the state’s price gouging law such as housing emergencies.
Confusion Toward New York State Budget
However, according to an article in Press Republican, several real estate professionals were at a loss by the proposals introduced in the New York state budget. A member of the Real Estate Board, Eric Benaim states that the proposal in the New York state budget to increase funding for legal aid and the price gouging do not seem like something that the Board will propose.