If you rent property in New York, you understand how difficult it is to find an apartment or place to live that is in your budget and meets the needs of your family. Real estate in the city is pricey, and for years, landlords have had the ability to increase rent at rates that many tenants cannot afford. However, recent legislation could change that.
New York state lawmakers recently passed a measure that would prohibit landlords from sharply increasing rent. The measure also includes terms that pertain to things such as security deposits and lawful eviction processes. While many tenants throughout the city celebrated this news, it leaves landlords wondering how they will keep up with the costs of maintaining buildings, paying insurance and more. Others feel that it offers the most benefit to high-income renters.
What could this mean for you?
No matter where you stand on this issue, it is helpful to know what this law means for you and how you can protect your rights as a tenant. This legislation could be especially meaningful for you if you live in the Bronx or in places where there are many rent-controlled properties. Certain aspects of this recent measure could affect you directly, and it may help you know the following facts:
- This measure could bring relief to overstretched tenants who have seen their rents increase dramatically.
- Real estate experts say it could leave landlords unable to care for their buildings, leading to disrepair, abandoned structures and more.
- New rules would also provide increased eviction protections for tenants, as well as prevent landlords from removing affordable apartments from regulation.
- Some believe this legislation will primarily benefit renters who are already wealthy while not truly benefiting lower-income renters.
As a person who rents in New York, you understand that it important to advocate for your own interests. In order to do this well, you will want to learn as much as you can about what these changes mean for you, the building you live in and your finances.
Protecting your rights as a tenant
Landlord-tenant issues are complex, especially in a high-pressure, expensive real estate market. If you believe that you are experiencing a violation of your rights by your landlord, you have the right to speak up. New laws have given additional protections and support to hardworking New Yorkers, and you may want to seek the opinion of an attorney regarding what this means for you.
An evaluation of your case and assessment of the legal options available to you can help you move forward with the most appropriate course of action, whether you need to resolve a current dispute or you want to avoid one in the future.