Landlords hoping to pay tenants to move out of New York City's 1.3 million rent-regulated apartments will soon face new limitations on extending offers.
Mayor Bill de Blasio has now signed legislation barring repeated buyout offers within six months if tenants don't want them. Other provisions require reminders that tenants can refuse or consult lawyers.
De Blasio and other proponents say the measures will help keep residents from being browbeaten by landlords and professional “tenant relocators'' eager to empty rent-restricted apartments so they can charge more.
Vacant apartments often can be renovated, deregulated and re-rented at much higher prices. About 266,000 apartments have been deregulated since 1994.
Rent controls here in Toronto have landlords contemplating the same strategy as their counterparts in the Big Apple. Many have already been faulted for trying to remove sitting. Tenants in order to raise the rents to market levels.
Incentivizing tenant moves has proven just as problematic given NYC’s move.
Some real estate industry experts say the new restrictions will unduly curb communications with tenants.
The measures will take effect in three months.
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- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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