Everyone agrees New York’s housing market is broken, yet progressives are intent on breaking it more — via the deceptively named “Good Cause Eviction” bill.
With budget talks in overtime, word is that some watered-down version might be a sweetener to get lefties to support actual measures to boost housing — but any “compromise” is too much here.
“Good Cause” would in effect expand rent control — which has wreaked utter havoc on Gotham’s housing market — to every rental unit in the state.
Even high-priced luxury units sought by the well-off, who can afford hikes, would face caps.
The bill would also make it near-impossible to evict tenants and require leases be automatically renewed, no matter what, for all apartments — not just regulated ones.
This is so radical, and so insane, that even the lefty-dominated Legislature hasn’t passed it despite five straight years of prog pressure.
One rumored deal: raising the Good Cause cap a bit (from progs’ favored 3% to 6% or more); exempting new or recently constructed buildings and those with few units; limiting the law to New York City and a few other areas; in return progs wouldn’t block real pro-housing measures like a new version of the 421-a affordable-housing tax break (without which new-housing construction has ground to a halt in Gotham) and vital fixes to the disastrous 2019 rent “reforms” (which have left tens of thousands of affordable units empty by making renovations unaffordable for landlords).
No: Any version of “Good Cause” is too much; once the principle of state limits on all rent hikes is in place, the left can and will keep tightening the screws a turn at a time.
Plus, any expanded regulation will warn developers (and the bankers who fund them) of another growing risk that could turn profitable buildings into money-losers: more reason not to build in New York.
How many more disincentives to housing development will Albany add, even as the state is desperate for more housing?
Think it’s hard to find a decent, affordable apartment now? Just wait.
Oh, and low-income tenants, lacking connections or bribe money, would be hurt the most.
Progressives created this housing crisis; they don’t deserve a bribe to help end it.
“Good Cause” wouldn’t be a sweetener in a compromise housing package, but a poison pill.
NEWS CREDIT
