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Farewell to the Good Cause Eviction Bill?

New York State did not take any action during a recent session regarding the Good Cause eviction bill. The proposed bill would set rent increases at either 3% or 1.5 times the Consumer Price Index. If landlords wanted to raise rents any higher than the set amounts, they would have to present it in court.

Given the rising costs in utilities and fuel, it’s been increasingly difficult for landlords to pay for any building improvements or taxes. With over half of New York City’s revenue coming from real estate taxes, the state is taking appropriate measures to find a common ground for all parties. Current restrictions to rent increases have led landlords to fall behind on needed capital improvements.

Landlords have been finally climbing out of the tunnel that was dug in from stricter rent stabilization rules and the COVID-19 pandemic. Apartments are finally getting renewed at higher rates and re-rented at even larger prices.

What benefits landlords, will help residents in the long run. Landlords have fallen behind on emerging technologies to help buildings move forward. The future will finally arrive once both sides can benefit.

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