Mayor Bill de Blasio’s administration is looking to take control of rent regulation laws from Albany should Democrats take over the Senate this fall, reported the Daily News.
On top of the mayor’s wish list is the repeal of the 1971 Urstadt Law, providing state lawmakers power over rent regulation and making it harder for property owners to shift their apartments to the free market.
The city administration’s goal is to make it much harder for landlords to do such things as suddenly move a rent stabilized building onto the free market or sell units that allow for sudden and outrageous rent hikes.
But real estate big wigs are balking at the idea, saying the city’s economy hinges on the vibrancy of the real estate market:
“There are three things that drive the city economically: Wall Street, tourism and real estate,” Joseph Strasburg, president of the Rent Stabilization Association told Crain’s. “If any of those pillars fall, then you’ve got a real debacle.”