The recently passed housing bill in New York represents a significant step towards addressing the escalating housing crisis, but it still leaves many issues for landlords unresolved.
Despite the new housing law, the restrictive environment from previous regulations has led to persistent disinvestment in rent-regulated properties, particularly in Brooklyn's Central and Southern areas.
The 'Good Cause Eviction' provision caps rental increases for free-market housing, attempting to balance tenant stability with landlord needs amid rising rents and housing shortages.
Until further reforms are introduced, many Brooklyn properties will remain in disrepair, pushing development toward more attractive northern and waterfront neighborhoods.
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