NY Panics As Rent Regulations And Tax Breaks Fail To Get Renewed
Saturday, June 20, 2015
New York’s rent control regulations unexpectedly lapsed
in June 2015. Protesters have taken to the streets, and renters are preparing to be forced out of their homes and apartments. So what will the new deal mean for New York renters and homeowners? How can they protect themselves?
When Cuomo recently stated that there was no need to worry about extending tax breaks because they would be included in the soon to be passed rent regulation renewal – that should have been a big red flag. We all know what happens when we assume things. At the time of writing this coverage a temporary stay of regulations was instituted. And some type of deal will be worked out. But there was still a gap created for landlords.
This leaves renters fearing being displaced, and rents being hiked. 2 million tenants in NYC alone could be affected. Many have even taken to the streets of New York to protest the gentrification of Brooklyn neighborhoods
and the lack of affordable housing across the state.
After the 5 day extension of rent regulations it is hoped that a new deal will be inked that helps everyone. It’s unclear what will happen to other tax breaks and caps tied to the agreement when it ironed out. And there will be trade-offs. And it is unlikely all will be visible at first. Some may be ugly, though some may be good like income verification
to ensure the system isn’t being abused.
Gov. Cuomo has been warning landlords not to take advantage of the gap. But the law is the law. And you can’t really penalize landlords and taxing authorities if they are not breaking the law. Ultimately it is down to individuals to secure their financial future and survival. One of the great ways to do this is to buy a home in NY so that you aren’t eternally held ransom by landlords. For those that already own homes - appeal and reduce your property taxes with the help of Long Island based Property Tax Adjusters, Ltd
. Maybe more NY residents should invest in real estate to hedge against increases in taxes. This way you will equally benefit and offset higher taxes and housing costs as the value and performance of real estate investments increases.