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Opinion: What’s Happening to Retail on the Upper East Side?

1 Comment

  • Lia
    Posted December 17, 2019 at 11:46 pm

    Business owners and landlords are indeed being suffocated. NYC regulations are completely out of control. In addition to the hundreds of complex rules landlords needs to comply with, the City recently passed “reform” for rental apartments which will have an avalanche of negative effects. As difficult as it was to own property prior to the new laws being passed, it is exponentially more difficult now. Inviolate private property rights have been eviscerated by these new laws taken away the profit motive central to our system of capitalism. It is capitalism that has made this country the richest and most successful country in the world. With rent increases on rent stabilized apartments being capped, landlords have no incentive to make the individual apartment improvements that were once central to improving the NYC housing stock. Previously busy contractors who were previously busy putting in new kitchens and bathrooms are now wondering why they are no longer being given this type of work. All this has a trickle down effect. Real Estate Taxes for small buildings are also out of control. NYC legislators should worry about landlords walking away from their buildings again and rethink the change they have made and perhaps we can start there.

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