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How to Value Talent, What Are You Worth?

How to Value Talent, What Are You Worth?

Published on September 18, 2024

No matter the field, top talent is highly coveted, not easily found and costly when you bring them onboard.

The Starbucks Example: A High-Stakes Hire

Take the example of Starbucks which recently poached the CEO of Chipotle, Brian Niccol, and they are paying him a whopping $100 million, the ability to work from home in Southern California and access to a private plane for those occasions when he decides to come to the Seattle office. This sounds excessive, but is it?

Investor Confidence and Market Reactions

Starbucks may have gotten him on the cheap, at least according to investors. When the news broke of his pending arrival, shares in Starbucks shot up 25%, increasing the market cap by $20 billion in a single day—and Niccol hadn’t even started. These are venti-level expectations for one person amongst an employee base of 380,000. That said, if his past performance at Chipotle is indicative of his future at Starbucks, it’s not a bad bet. Under Niccol’s leadership at Chipotle, the stock increased nearly 800%. His record of significantly increasing revenue, profitability, and market share at Taco Bell only adds to his credibility.

Superstar Paydays in Different Industries

Superstar paydays are nothing new. Legendary basketball player Michael Jordan earned $33 million in his final ‘97-’98 NBA season, equivalent to about $60 million today, surpassing even today’s highest-paid player, Steph Curry, who earns $55 million. Jordan’s Nike contract reportedly still pays him $100 million annually. In the financial sector, hedge fund titan Bill Ackman of Pershing Square Capital Management earned over $1 billion in 2020 through performance and management fees. These astronomical figures span multiple industries.

Valuing Top Talent: A Complex Equation

Whatever industry you work in, there’s always the question of how to value and reward top talent. Whether you’re a prospective employee determining your economic worth or an employer making a hire, it’s important to think about these things.

The 80/20 Rule in Real Estate Brokerage

In the real estate brokerage space, it’s often said that 20% of agents originate and handle 80% of the deal volume. If true, brokerages need to find ways to attract this top 20%, but identifying who they are is no easy task. It’s not uncommon for multiple agents to claim sole origination of the same transaction.

Challenges for Boutique Brokerages

As a boutique brokerage, you face the question of whether to home-grow junior agents or hire experienced agents (which is easier said than done). Do you pay a signing bonus for a multi-year lock-up for a superstar and throw in a guaranteed base salary? Perhaps, but that requires an agent to leave behind a more established firm and take a chance on you. It also requires significant capital, which many boutique brokerages may not have. Another challenge is how much of an agent’s success is tied to the brokerage they work for, making the hiring decision even more complex.

Cushman and Wakefield’s Approach to Hiring Talent

Even Cushman & Wakefield—which previously paid significant signing bonuses to relatively unproven junior agents and jaw-dropping figures to megastars like Doug Harmon and Adam Spies—has reportedly pulled back from the practice. Perhaps the old adage that money can’t buy love, loyalty, or happiness holds some truth, or maybe loyalty only lasts for the duration of the contract.

A Different Path Taken By Top NYC Broker

Some were surprised when Bob Knakal—arguably one of the best investment sales agents in NYC—decided to launch his own brokerage rather than accept a lucrative signing bonus from a larger firm, like Harmon and Spies did. It’s possible he missed the window of opportunity, as his departure from JLL came during a significant market slowdown.

The Debate: Ideal Compensation Structures in Commercial Real Estate

I’d love to hear from agents in NYC’s commercial real estate space about the ideal structure from both the agent’s and the brokerage’s perspective. What’s the right mix of fee splits, signing bonuses, and perks?

Source: There’s a New $27 Billion CEO—and He Might Actually Be Worth It – WSJ

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DHCR Deadbeats Now Pay Hefty Fines – Lawmakers Take A Victory Lap!

Published on September 10, 2024

NY state lawmakers are patting themselves on the back for a job well done after creating a legislative framework that created one million additional and much-needed apartments in under twelve months. Ok, the bit about newly created apartments is not true, but lawmakers are still patting themselves on the back. Governor Hochul signed into law last year a bill that created heavy new penalties on those landlords who fail to register their rent-stabilized apartments with the Division of Housing and Community Renewal (DHCR) starting with the July 31, 2024 deadline. 

The penalty increased from the rarely enforced one-time $10 surcharge to $500 per month per apartment. Now, the failure to register 45 rent stabilized apartments, for example, would result in a whopping penalty of $22,500 per month. What about the rent stabilized tenant who fails to pay rent for nine months? Well, they are provided complimentary legal services from attorneys adept at lawfully delaying their clients’ rental obligations.

“Massive Increase in Rental Registrations…”

And the new measure seems to be “working” as more than 919,000 apartments have been registered in the 2024 cycle which is up by more than 100,000 units from recent annual filings. The problem with DHCR filings, however, runs much deeper than owners failing to register the units in a timely manner. The real issue is that there is no formal acknowledgment by any government agency that the filings are correct. Missed and incorrect filings over several decades across multiple owners makes a correct accounting of the registered rents nearly impossible.

Few cared about this issue prior to June 2019 and rarely focused on it when properties traded hands. Today, the situation is different, and investors are acutely aware of flawed DHCR filings and often back away from deals so afflicted.

Amnesty for Owners?

I’d love to hear proposals from owners, investors and astute observers alike on how to fix the DHCR debacle that has further frozen trades in an already troubled asset class. One idea that comes to mind would be an amnesty for the current owner on all prior DHCR filings before his or her time of ownership. Another may be a formal acknowledgment by DHCR that the filings are correct and if not, how so, and within a reasonable period of time post-filing?  If there is no response within six months of the filing, then ownership has the legal presumption that the registered rents are correct. 

These agencies are funded by the taxpayer and we should demand more of them. 

Source: Landlords Register Tens of Thousands More Rent-Regulated Apartments Under Threat of Fines | THE CITY — NYC News

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Single Room Occupancy Properties (SROs) Are Back En Vogue in NYC…Sort Of

Published on May 20, 2024

Few in NYC are jumping at the chance to live in a building with shared bathrooms, kitchens and a mere 80 sq. ft. of living space seemingly talor-made for a Lilliputian. SRO properties have been synonymous with poverty, overcrowding and substandard living conditions. Let’s face it, these properties aren’t pretty but they have played a pivotal and longstanding role in addressing—at least in small ways—the city’s affordable housing crisis.

Historical Role of SRO Properties

During the industrialization era, SROs accommodated the vast influx of workers and migrants seeking opportunities in NYC. They also provided refuge for those facing economic hardships and financial devastation during the Great Depression. They fell out of favor during the post-WWII economic boom, reemerging once again during the homelessness crisis of the 1980s.

More recently, the properties have been largely neglected by investors and owners alike who have had little use for them other than as single and two-family conversions or for housing program tenants. That may be about to change, however.

SROs Relevant Again As Short Term Rentals

In today’s “rent everything” generation, the short term rental model has exploded in popularity with Airbnb leading the pack. For a while, NYC landlords benefited but the passing of Local Law 18 in 2023 imposed severe restrictions on the practice all but killing the business for most. Officials blamed the noise, trash and danger short term rentals invited as reasons for the regulation but influential hotel groups certainly played a role. 

For SRO property owners, however, Local Law 18 was a blessing as these “Class B” dwellings are exempt from its requirements. SRO owners are free to operate their properties under the Airbnb model. From a practical standpoint, transforming SROs into profitable short term rentals requires owners to vacate existing tenants—a task often fraught with legal and practical complexities.

Nonetheless, for an asset class with very limited use cases, call this is a small victory for the SRO community.

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How Albany Makes the Rules, And Landlords Circumvent Them

Published on May 8, 2024

The great Spanish painter, Pablo Picasso, suggested you “learn the rules like a pro, so you can break them like an artist.”  With the recent passing of good cause eviction (GCE) in NYC, landlords should find their inner artist and paint the town red identifying a relevant GCE exemption.  And one exists and it’s glaring.   

Getting an Exemption

If an owner has received a temporary or permanent certificate of occupancy (C/O) after January 1, 2009, a thirty (30) year exemption from the GCE rules applies. And how do you achieve a new C/O for your existing property? The answer: through an Alt 1 (now Alt CO) permit when there is a change to the use, occupancy or egress of the building.

There are many alterations that fall under an Alt 1 but arguably the most relevant for multi-family owner/operators would be to increase the number of apartments in a residential building (i.e., subdividing units) or adding a roof deck to the property in certain cases. 

If I were an owner of apartment buildings in NYC with free market tenants, I would be on the phone with my architect asap seeking ways to legally and ethically apply for an Alt 1 that would allow me to obtain a new C/O exempting my property from the GCE restrictions on rent increases.

No doubt the process is more involved than I let on but certainly worth exploring. 

Someone much more famous than me—with whom I concur—once said, “if you obey all the rules, you miss all the fun.”

Go have some fun. 

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Rethinking the Real Estate Sales Process: Getting More May Mean Asking Less

Published on May 7, 2024

In the world of real estate investment sales, it is rare for the broker to suggest ownership ask less than the market value. But maybe more of us should. In an industry of low probabilities at every turn, it would take brass to suggest such an approach. So few do it even if it maximizes price and yields better outcomes. A few reasons to reconsider:  

1. Asking Whatever is Foolish: Many believe asking for the moon will land at sky-high pricing. It won’t; instead it keeps otherwise interested groups at bay.  Asking $7 million for a $5 million property won’t get you $6 million…only a stale listing.

2. NYC is a Sophisticated Market: Investors may and often do overpay for the “right” asset but not by nearly as much owners often think. And a good broker matches the owner’s property with the “right” investors—that’s the skill. Groups willing to overpay will quickly move on from a supremely overpriced listing and overpay elsewhere.

3. Price Maximization Requires Competition: It’s true that broad exposure invites competition but it isn’t sufficient. You can spread the gospel far and wide but if the message reeks, few will follow. Pricing matters…a lot. If too high, groups will move along and focus on better opportunities. Why make your property easy to dismiss?

4. Get ‘Em Half Pregnant: Asking less than market invites an abundance of interest. A well-priced asset has legs and spreads faster than a salacious high school rumor. It also invites investors to dig into the due diligence and inspect the property. An active investor with time and resources allocated to a property is one step closer to consummation.

5. Sending the Right Signal to the Market: Overpriced listings or marketing materials riddled with phrases like “ownership seeking proposals” is a sure pass for any serious and well capitalized group. The message (realized or not) is clear: pay me a stupid premium and I’ll sell. If you are a seller, be a seller!

To be clear, the ask price should not be foolishly low—consider a 5% discount to market (but be sure your broker knows the market). A pool of rowdy and eager buyers chomping on the bit to buy beats the alternative. I have several anecdotal stories where we employed the above with phenomenal success achieving, in each instance, above the ask price.

Owners: let your brokers disrupt the old model. It works, is more fun and gets you to your goal of selling sooner for more.

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Rent-Stabilized Properties Remain Untouchable

Published on April 26, 2024

The white paper put out by Maverick Real Estate Partners raises serious, and perhaps even grave, concerns for both owners and lenders of rent stabilized properties in NYC.

Healthy banks will adjust their exposure to this asset class and live to see another day while regional banks may not.

Smaller owners of these assets will face a similar fate of the regional banks. With lower valuations and higher interest rates, landlords will have to “ante” up in the form of more equity if they want to stay in the game and see “fourth street” or the “river” and many owners don’t have the financial wherewithal to do that.

How this unfolds: many mom-and-pop owners will lose their assets in foreclosure, title will revert to the lenders who will then aggregate these buildings in large portfolio sales to institutional investors at sizeable discounts.

The irony: hundreds of rent stabilized buildings (and perhaps more) end up in the hands of a few institutional owners (i.e., the proverbial small guy is wiped out).

Leadership matters!

Sources:
Rent Stabilization in New York City – Maverick Insights. (n.d.). https://insights.maverickrep.com/rent-stabilization-in-new-york-city/
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Good Cause Eviction: Fundamentally Flawed

Published on April 22, 2024

Over the weekend, legislators passed the NY state budget and Governor Hochul will soon approve it. Despite the high praise politicians involved are heaping on one another, the budget passed nearly three weeks after the deadline. Hochul suggested that a good deal is better than a fast one. True, but New Yorkers got neither. Let’s examine good cause eviction (GCE) and, later in the week, Individual Apartment Improvements (IAIs) and 485-x, which replaces 421-a.

Good Cause Eviction

Lacking any creativity, NY legislators adopted a version of GCE very similar to California’s (perhaps a pre-emptive move to overcome any constitutional legal challenges). Specifically, free market rental increases are capped at the lesser of: (i) 10% and (ii) 5% plus inflation. NYC must apply GCE (with certain exemptions) while other localities can choose whether to opt in. Tenants who fail to pay rent or are a nuisance can be evicted (which shouldn’t need clarification but in this environment landlords can take nothing for granted). 

Exemptions to GCE

GCE passed with certain exemptions and one in particular that seems misguided (discussed below). Any new project (built in 2009 or later) is exempt from GCE for 30 years from completion, and expensive units (those affordable to folks making 245% of the area median income) are also exempt from GCE. Owners of small portfolios comprising 10 apartments or fewer are exempt from GCE.

Takeaways and Open Issues

  • Defining Ownership: What does it mean to own 10 units? Sounds simple, but most commercial properties are owned through an LLC (to minimize personal liability and contain issues with troubled assets from infecting an entire portfolio) and how will the state or city pierce the corporate veil and ascertain ownership? Furthermore, LLCs are very flexible structures often having multiple membership interests with different ownership stakes complicating matters. What if you own a 20% membership interest in a 40-unit property? Do you own 8 or 40 units? To me, the answer isn’t clear but one thing is: the future holds more paperwork/filings and, as a result, more costs for landlords.
  • 10 Units or Fewer Exemption Defies Logic: In an attempt to lessen the bite GCE may have on smaller landlords, Albany enacted the 10-units or fewer exemption. Accordingly, a free market tenant “unlucky” enough to find herself living in a unit of a mom-and-pop owner will not have any protections afforded by GCE. To illustrate, her rent of $2,500 could be increased to $5,000 upon lease renewal. But isn’t this the exact “price gouging” the new rules are meant to protect against? Some may suggest this scenario is unlikely as the market wouldn’t support a doubling of rents. Ok, but then why have GCE at all? It’s clear that legislators want their cake and to eat it too by simultaneously protecting tenants and also smaller landlords. However, protecting the latter hurts certain members of the former.  
  • Price Ceilings Have Unintended Consequences: Rent stabilization and now GCE are forms of price ceilings—a concept that isn’t new.  Cities such as Stockholm, Berlin, San Francisco and Mumbai, among others, have implemented some form of rent control. And it’s true that regulating rents provides short-term relief for certain tenants but it can lead to issues with housing supply, building maintenance and quality over the longer term. Time will reveal what unintended consequences come to pass from GCE in NYC.

So, the dirty little secret is that Albany has been tinkering with supply and demand economics with adverse consequences for some time now. Through rent stabilization, nearly one million apartments have been effectively removed from the supply side of the equation putting undue rental pressure on the remaining free market units. The supply issue was exacerbated when legislators allowed 421-a to sunset nearly two years ago. Few new rental projects were built and the price of free market apartments unsurprisingly increased dramatically as demand for NYC living remained robust.

To ameliorate their missteps, Albany is now asking landlords—through the adoption of GCE—to cap the foreseeable and inevitable rent spikes resulting from bad policy. Politicians have merely shifted the increase in housing costs and risk onto landlords: the perennial punching bag.

Sources:
Rebong, K. (2024, April 21). Housing deal finally passes; here are the details. The Real Deal. https://therealdeal.com/new-york/2024/04/20/housing-deal-finally-passes-here-are-the-key-details/
Smith, R. H. (2024, April 22). How ‘Good Cause’ Could Give Some Tenants New Leases and Lower Rent. THE CITY - NYC News. https://www.thecity.nyc/2024/04/22/tenant-eviction-good-cause-rent-limits/
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Nobody Understands NYC Property Taxes and You May Not Need To

Published on April 16, 2024

A lot has been said of taxes over the years and, generally speaking, none of it good. Take the greatest mind of all time, Albert Einstein, who had less trouble with theoretical physics and quantum mechanics suggesting the “hardest thing in the world to understand is income tax.” Mark Twain was less perplexed by taxes but derided them nonetheless when he asked what’s “the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”

Lack of Transparency in Property Tax Calculation

For far too long, New York City officials have been doling out tax bills across all property types with seemingly no rhyme and reason and little transparency in the calculation. Sure, they first estimate a home’s market value and then determine an “assessed value” to which they apply a tax rate. Sounds simple enough but what goes into the market value and assessed value calculations? Hard to know for sure but the resulting tax bills can be rage inducing and, for some, discriminatory. 

Inequities in Taxation

A few examples highlight the inequitable outcome of the current system. The owner of a brownstone in Park Slope valued by the city at nearly $6.5 million receives an annual tax bill of $15,000, or 0.2% of the value. Another townhouse in the same neighborhood valued at $5.4 million pays $12,000 in taxes annually (again 0.2% of the value). In the Bronx where lower-income folks reside, a home valued at $780,000 has a $7,500 tax bill, or just under 1% of the home’s value.

Peculiarities of Condo and Co-Op Taxation

Condo and co-ops can have appalling low tax bills as well. Take the sale of a $115 million penthouse  condo at Central Park Tower which was valued by the city at a mere $10 million.  In fact, the entire 179-unit building was valued at $308 million. So, what’s going on? Taxes on co-ops and condos value the buildings as if they were rentals and take into account rent stabilized buildings when making those calculations. The result: obscenely low values for tax purposes and very happy residents. The irony, of course, is that politicians in Albany often cry foul that the rich aren’t paying their fair share.

Legislative Constraints

To further complicate the byzantine property tax system, state law caps the increases year-to-year and over a five-year period on certain smaller properties with few units. According to one study, these smaller homes are responsible for 15% of the total property tax revenue but make up nearly 47% of the market value in NYC.

Disproportionate Burden on Multi-family and Mixed-use Properties

The lion’s share of property taxes are paid by owners of multi-family and mixed use properties. They contribute an outsized percentage of the $32 billion in property taxes collected annually by NYC. But this too can be befuddling as two properties with the same number of apartments and similar net operating incomes can have wildly different tax bills depending on what neighborhoods they are located.

Acknowledgement of Inequities

Many acknowledge that the property tax system is inequitable and opaque and politicians, in the past, have tried and failed to overhaul the system. But change may be afoot. In 2017 a group of property owners, renters, and other advocacy groups formed Tax Equity Now New York (TENNY) and filed a lawsuit claiming homes with equivalent values are currently assessed and taxed at different rates depending on where they are located often disproportionately affecting racial minorities. Last month, the lawsuit was cleared by NY’s highest court to proceed.

The Role of City and State Lawmakers

This suit may have legs and rather than fight the lawsuit, city and state lawmakers should take the opportunity to revamp and streamline the very messy property tax system abhorred by many. A tall order for sure and perhaps beyond the competency of our representatives.

Sources:
Zaveri, M., & Baker, C. (2024, April 2). His brownstone is worth $5.4 million. why is his tax bill so low?. The New York Times. https://www.nytimes.com/2024/04/02/nyregion/nyc-property-tax.html
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The Best Baseball Player of All Time: Shohei “Showtime” Ohtani Involved in Another Scandal

Published on April 15, 2024

You may have read about what is perhaps the second largest gambling scandal in baseball involving Shohei Ohtani and his translator to the tune of $4.5 million (the most well known being Pete Rose and it cost him entry into the Hall of Fame despite holding the most hits in baseball).

This post is not about that; instead, something more infuriating took place on Wednesday night April 3 when Ohtani hit his first home run as a Dodger after signing a $700 million deal in the offseason. This is no small thing as this specific home run and the ball in question was off the bat of arguably both the greatest hitter and pitcher of all time embodied in one human being. Reports put the ball at an estimated value of $100,000. The longtime Dodgers fan who received the ball, however, walked away with two signed hats and a signed bat and ball. Nice for sure but certainly not a fair exchange.

The story gets worse: the fan was strong armed into accepting this relative pittance of a payout as the team refused to authenticate the ball (making it worthless) if she refused the terms. The translator for Ohtani (a new one as the previous one is in deep shit for his shenanigans) said that Ohtani “talked to” and “met” with the fan. The problem is that didn’t happen (and it makes you ponder both the quality of the translating or perhaps Ohtani’s tendencies for prevarication). It’s also worth noting that the Dodgers organization is worth an estimated $5.45 billion and Ohtani too isn’t hurting for cash.

Every fan who attends any baseball game agrees often unbeknownst to them an “adhesion” contract. Specifically, somewhere on the back of every ticket there is fine print that says “the ticketholder assumes all risk, danger and injury incidental to the game of baseball” such as foul ball or broken bat. And that’s fine and fans should and most know that but, at the same time, a ticketholder of a baseball game is purchasing a number of entitlements as well (namely, the right to sit at an assigned seat, to watch the game without interference and the to keep balls hit into the stands). This last right is an implicit part of the contract stemming from a longstanding practice in baseball dating back to the 1920s. And this isn’t true in all sports—you ever see a fan hold onto a basketball at a professional game?

Sure, this ball is a keepsake for Ohtani and certainly the fan could have kept the ball and deprived him of memorabilia marking the milestone but she did the “right” thing assuming no doubt that there would be a fair exchange. There was not. And for that, shame on the Dodgers and shame on Ohtani!

Sources:
MSN. (n.d.). https://www.msn.com/en-us/sports/mlb/chris-russo-blasts-dodgers-and-shohei-ohtani-for-treatment-of-fan-who-caught-home-run-ball/ar-BB1l9pQV

Fan who caught Shohei Ohtani’s first Dodgers home run says she didn’t even get to meet superstar - CBSSports.com. (2024, April 5). CBSSports.com. https://www.cbssports.com/mlb/news/fan-who-caught-shohei-ohtanis-first-dodgers-home-run-says-she-didnt-even-get-to-meet-superstar/

(2023, October 12). Who is Liable if I am Hit by a Foul Ball at a Major League Baseball Game? Rand Spear the Accident Lawyer. 
https://www.randspear.com/blog/who-is-liable-if-i-am-hit-by-a-foul-ball-at-a-major-league-baseball-game/#The%20Baseball%20Rule%20&%20Liability
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Good Cause Eviction May Be Coming to NYC – What Does That Mean?

Published on April 10, 2024

The NY state budget deadline is upon us and there are whispers and leaks that lawmakers are close on passing good cause eviction—a euphemism for regulating rent increases for free market apartments. If it does pass, what does it mean for the real estate community and housing market? A few of my thoughts below:

  • Cap on free market rents: Increases to rents for free market apartments are likely to be capped at the lesser of: i) 10% per year and ii) 5% plus CPI. This mirrors the law in California which is more onerous on landlords than NJ where “unconscionable” increases are prohibited. The meaning of that isn’t entirely unclear but it’s certainly more favorable to landlords than what is currently being proposed.  
  • The return of 421-a: A version of 421-a is likely to pass as well as it would be incredulous to think that more moderate lawmakers would accept good cause eviction without 421-a. This may be a Pyrrhic victory for developers and tantamount to a defeat as good cause eviction may take more than 421-a gives.
  • Unrenovated apartments trapped: Landlords with free market units that are below market rate (i.e., undermanaged, unrenovated) may be trapped at rents well below fair market value. The unrenovated four bedroom apartment worth $4,000, if renovated, but only charging $2,000 may be stuck with annual increases off the $2,000. You snooze (on renovations), you lose so says Albany.
  • The new rental caps may be optional: A recent NY Post article suggests landlords would “not technically be barred from raising rents” above the level described above, but they could be dragged into court if they do. That’s like saying you can rob a bank and steal from the blind, but you may be dragged into court if you do. Ok, maybe not quite but it’s either legal to increase above these levels or it isn’t.  Or are these caps merely suggested guidelines owners should abide by and if you don’t you are being naughty.
  • Arrival of universal rent control: NYC landlords would have to abide by both the rent stabilization rules for those units that are rent stabilized (DHCR filings and annual rental increases determined by the Rent Guidelines Board), as well as this new regime for free market apartments (i.e., the lesser of 10% and 5% plus CPI). Will this require more paperwork for landlords similar to DHCR filings, penalties if you overcharge, etc.?
  • Tying 421-a with good cause eviction may have unintended consequences: 421-a tethered to good cause eviction may not satisfy developers nor prompt new housing developments as legislators are intending. You can fool the voters with linguistic dexterity but not bulge bracket banks that will see good cause eviction for what it is: universal rent control. In other words, any new project would be 100% regulated albeit under separate legislative regimes and this will no doubt impact borrowers’ cost of capital for new construction projects.
  • Lawsuits anyone: No doubt lawyers for landlord groups will call this an unconstitutional “taking” and take their cases through the judicial system and perhaps all the way to the Supreme Court.  But California already has a similar good cause eviction law and I imagine landlords would ultimately be on the losing side of this battle.

I love an experiment as much as the next guy but this would be a bold new frontier for New York City that is likely to have implications far and wide: some foreseeable and others less so. Buckle up as this could be one hell of a ride for NYC’s housing market and no stakeholder will be spared.   

Source:
Golden, V. (2024, April 8). Kathy Hochul gets on board with key parts of NY “Good Cause” rent-control bill as state budget housing deal nears. New York Post. https://nypost.com/2024/04/08/us-news/kathy-hochul-gets-on-board-with-key-parts-of-ny-good-cause-rent-control-bill-as-state-budget-housing-deal-nears/
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