"Yet, with any legislation, Local Law 18 has presented unintended consequences that have actually made the city less affordable for New Yorkers. That's because New Yorkers have lost a vital tool that allows them to supplement the growing costs of homeownership. This current Council has a historic opportunity, however, to make minor changes to the existing law not wipe it out or even water it down that will put this tool back in the hands of those struggling to make ends meet."
"New York City has spent generations watching the cost of living rise and its housing stock shrink due to a myriad of factors far too many to explain in one single piece. This dynamic has played a key role in the mass exodus of New Yorkers, with upwards of 200,000 Black residents departing for other cities or regions over the last 25 years."
"Ask any of the 268 owners whose homes were foreclosed on in 2023 just in Council District 46, where both of these authors live, and they will agree with that factor. New York City's homeownership sits at a mere 30% but only 19% for single-family homes. Even this small share, which is far below the statewide average, is at risk with rising mortgage costs, climbing utility bills, and brutal tax bills."
Local Law 18 aimed to curb illegal hotels and investor-driven removal of housing by restricting short-term rentals, but it removed a key way for owners to supplement homeownership costs. Modest, targeted changes could restore that supplemental income while preserving renter protections. New York City faces decades-long rising living costs and shrinking housing stock, contributing to a mass exodus and the departure of roughly 200,000 Black residents over 25 years. Foreclosures are increasing locally, homeownership rates are low—30% citywide and 19% for single-family homes—and households face rising mortgage, utility, and tax burdens.
Read at www.amny.com
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