After months of heated discussions and intense lobbying from both tenant and landlord groups, New York has just enacted the strictest rent control regulations that I can recall. Aside from one minor compromise, which still allows landlords the ability to increase rents slightly after making improvements to properties, the new regulations were a near total victory for tenants at the expense of landlords, who have now lost most of their ability to increase rents beyond what the rent board allows, which is typically just 1%-2% per year.
In a reaction that is not surprising, the