BBG Partner, Kara Rakowski, was recently quoted by Bisnow in the article, “With Landlords Still In Lawmakers’ Crosshairs, Affordable Developers Warn Of Capital Flight.”
According to the article, the hazy regulatory climate in New York is making the already challenging and expensive development landscape even more difficult to navigate. Ongoing calls for so-called “good cause” eviction rules are also allegedly driving away much-needed financing.
Kara Rakowski stated that while no legislation has been signed, it is gaining traction with lawmakers. “The problem is that every time we focus on good cause eviction and try to defeat it, it’s an opportunity for the legislators to pass a damaging piece of legislation that we weren’t expecting,” she said.
There is draft legislation that would require landlords to preserve records going back years, making it much easier for tenants to claim they are being overcharged on rent-stabilized units. If it is ultimately enacted, the impact will be instant, Kara said. “These are two very damaging pieces of legislation for rent-regulated housing,” she said.
To read the full article, click here: https://www.bisnow.com/new-york/news/affordable-housing/like-playing-monopoly-with-changing-rules-real-estate-player-say-shifting-regulatory-environment-making-affordable-housing-development-worse-and-worse-120447https://www.law360.com/articles/1701942/section-8-tenants-are-using-new-laws-to-fight-housing-bias.