Our CEO, James Prendamano, spoke to Tracey Porpora from the Staten Island Advance to discuss how rent reform would affect Staten Island tenants and landlords. The proposed rent reforms would prevent landlords from increasing rents to a maximum level upon lease renewals and would limit rent increases for major capital improvements. The reform also puts an end to high-rent vacancy deregulation and the 20% vacancy bonus.
James was quoted saying, “Tenants are fighting to close some of the loopholes to protect and stabilize rents. Landlords conversely are fighting to have more control and freedoms over their assets. At the end of the day, we should be striving to find the middle ground. The city and the state continue to be more expensive and challenging to live in, which effects both sides of the table. It’s difficult for either side to keep up with the regulation and cost increases.”