By Adam Frisch, Managing Principal, Lee & Associates Residential NYC
As of mid-June, New York has passed what is probably the most progressive rent reform legislation, in terms of tenant protections, in decades. Since then, the real estate community has been in utter shock. Furthermore, when these bills were first introduced earlier this year, it wasn’t clear that they would affect free market housing. Now that we know that the laws will apply to all apartments, New York City real estate players are preparing for a dramatic change in the rental landscape.