Not since the Great Recession have sales of multi-family residential buildings in New York City slowed to such a standstill. Experts are blaming the state's new rent control regulations.
"Multifamily deals came to a standstill as investors got scared away by New York’s new tenants-take-all regulations," reports Oshrat Carmiel.
"In the first half of 2019, New York City apartment building sales fell 48% from the same period a year earlier, B6 said in a report. It was the biggest decline for any six-month period in data going back to 2009," adds Carmiel.
It seems certain to the experts cited in the article that the market is responding to a new state law that caps rent increases. Landlords have responded by filing a lawsuit that relies on the argument that the new rent control law amounts to an illegal taking of property.
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