New York City rent prices have been skyrocketing, seeing all time increases in over a decade.
New York State’s eviction moratorium ended on January 15. At that time all pending evictions have resumed and began to issue warrants on tenants who has defaulted.
As a response, residents are pushing for New York State Legislature to pass a law that would stop evictions without “good cause”. This would prohibit rent increases and provide residents with automatic lease renewals.
What really is the good cause eviction law?
This law allows tenants who pay rent on time to abide by eviction under specific circumstances. New York landlords can raise rents at their discretion and deny lease renewal to tenants.
The good cause eviction would allow automatic lease renewals for most tenants. In addition, it would justify rent increases of greater than 3% with “good cause”.
Several municipalities in the state of New York already have good cause eviction laws in place. This includes the state capital, Albany, as well as the cities of Kingston, Newburgh, Hudson, and Poughkeepsie in the Hudson Valley.
Rent-controlled apartments are common and still available for tenants in NYC but differ from the benefits of the good cause eviction. It would apply protections to a greater share of apartments, but not automatically cap rent increases in the same way as other programs.
Some are opposed to the new law and have spoken against the bill. The concerns include increase in market-rate rents, deferred maintenance on protected apartments and housing shortages. Senator Salazar, has pushed back against these claims saying, “their true motive is they don’t like regulation.”
Thank you, Chris Mench for great information, from www.thrillist.com