Where Is The Eviction Tsunami?
According to an update sent out by CHIP yesterday, The Real Deal published an article talking about New York City's rent-stabilized housing market. They focused on how most of these buildings are declining in value and therefore were bad investments. They also speculated as to why investors are so eager to buy these properties and believe it has something to do with CHIP v. NYC, the constitutional challenge of the rent stabilization law and they believe that a SCOTUS win will unlock value in these buildings. The ability to combine these units was also mentioned in this article and they believe the State Legislature will move to have these rules changed as soon as January. CHIP mentions that they have been in contact with the elected officials about this proposal to discuss what sort of rules would be put in place for this matter. No new updates have been posted at this time.
The question of the tsunami wave continues. CHIP mentioned that the Associated Press went looking for the massive uptick in evictions that tenant advocates said would happen, and so far nothing. Although they continue to say that renters are at risk for eviction, there is no proof to back that statement up. Property owners continue to explain that they lose money if they evict tenants so they are trying to do everything they can not to evict them. This debate will likely continue for a few months as officials continue to try to figure out why there was no spike in evictions.
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