Progressive lawmakers in Manhattan, Sen. Liz Krueger and Assemblywoman Linda Rosenthal, are advocating for controversial legislation that would limit rent increases for select wealthy co-op owners in Manhattan. This measure applies to around 100 buildings on ground leases and aims to set certain caps on rent hikes. Critics argue that the bill fundamentally alters private contracts and could create harmful precedents in property rights, ultimately undermining the integrity of the housing market in New York.
This bill, if passed, would unconstitutionally revise existing private contracts affecting ground-lease co-ops, limiting land rent increases and guaranteeing long-term lease renewals.
Sen. Krueger and Assemblywoman Rosenthal's support for this legislation appears to target high-income constituents, raising concerns about the equity of rent control.
The proposed changes are perceived as a dangerous precedentârewriting contracts established under the law, undermining property rights and damaging New Yorkâs business climate.
The legislative move could create instability in the housing market and highlight a growing disregard for contractual agreements, eroding trust in state governance.
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