New York Landlords Want Lawmakers to Adjust Rent Regulations to Allow for Renovations

by Mindy Cohn

Community Housing Improvement Program (CHIP) is advocating for the "Local Regulated Housing Restoration Adjustment," or LRHRA bill to allow landlords to raise rents to recoup renovation costs, including energy-efficient upgrades while remaining rent-stabilized. 

Despite ninety years of rent stabilization in New York City, the effort still hasn't provided the affordability promised as costs keep going up to the point where the housing deteriorates. 

Much of this problem is caused by tenants living in rent-stabilized apartments for decades. When those rent-controlled apartments are vacated, substantial renovations are almost always necessary.  

The new bill, waiting to be introduced, is prepared to ask for the ability to re-set rent to a rent-stabilized area market rent so property owners have enough money to invest back into the properties without asking the state for any of the funding. 

While completely staying within the rent-stabilization system, landlords will be able to put voucher holders in if somebody qualifies for a voucher.

New rents for apartments would be in line with the current area rent. 

Tenants who feel their rent is unfair will still be able to file a fair market rent appeal, as per the rules outlined by the New York Division of Housing and Community Renewal.