Landlords fighting proposed state regs. Tenants, testify FOR them!

Landlords say the NYS Division of Housing & Community Renewal's proposed regulations will do Terrible Things!  Here's an excerpt from one developer's email update, spelling out doom and gloom for owners - but not so bad for the rest of us :

"What happens if these changes pass?

These changes have been proposed only and nothing is set in stone. Stakeholders have up until November 15th to draft comments and submit them here.*  Looking out in the future, downstream effects of this ruling could be:

1. Value of vacant units decreases - vacant apartments may become liabilities, where having empty units lowers building valuations, like in most US markets. Occupancy levels below 90% on rent stabilized assets will spell collection or lease-up issues.
2. Value of vacant buildings declines - if the ability to achieve market rents through substantial rehabilitation isn’t guaranteed, valuing empty rent stabilized assets will become harder. If a subjective party is deciding whether a given building is old and dusty enough to merit a revamping, that’s a problem. Buyers will want to pay commensurately with the non-zero probability that their application gets denied and their building’s rents cannot be elevated.
3. More apartments delivered to NYC market - removing any incentives to keep apartments vacant is aggressive, but it could work. With nothing to gain, owners will strictly be losing out on a monthly rent check by keeping apartments vacant, without any benefit. This will push many owners to re-lease their apartments. Kind of like when someone you don’t like suggests the least bad idea. The upshot here is that more apartments will come online, and this will make NYC slightly more affordable. It’s this last piece that is most important for HCR in terms of their ability to get this package of proposals inserted in the rulebook. The steps taken here demonstrate a coherent effort towards unlocking more apartment availability for residents of NYC."

Excerpted from Greysteel's Critical News Update email of September 12, 2022

*This website manager has changed the link so comments go to HCR instead of to Greystone, and changed the date from November 20 to November 15th.

Those results would be great, so tenants can and should submit testimony in support of the regulations before the November 15, 2020 hearing!  

WHERE: U.S. Custom House auditorium, Alexander Hamilton U.S. Custom House, One Bowling Green, New York, New York 10004 

WHEN: Tuesday, November 15, 2022.  10:00 am to 4:30 pm.

HOW: 

• Pre-register to guarantee when you'll be heard.  Call 718-262-4816 and leave a message with your name, phone number, and when you wish to speak.  
• You'll have 5 minutes to speak - with a mask.  
• Bring 3 copies of your complete testimony with you to give to the panel - but it's best to make your points when you speak looking directly at the panel, to engage with them.  
• Submissions may also be sent in advance to Michael Berrios, Division of Housing and Community Renewal, 92-31 Union Hall Street, 6th Floor, Jamaica, New York, 11433 (718) 262-4816 or by email to 2022RentRegulationComments@hcr.ny.gov. 

See the regulations themselves at pages 23-25 of chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://hcr.ny.gov/system/files/documents/2022/08/rsc-proposed-rule-text-8.16.22.pdf.