ITHACA, NY (WSKG) – The Democratic controlled New York state legislature is expected to pass a historic package of housing regulation reforms today.
Among the changes is one that allows municipalities to create rent stabilization laws, when their rental vacancy rates are less than 5%.
In Ithaca, where a large portion of rental housing is occupied by college students, there’s disagreement over whether the city should enact such an ordinance.
Ryan Mitchell is President of the Ithaca Board of Realtors. His organization opposes such legislation.
“The proposal itself ,” he said, “would really discourage real estate investment at a time when New York state should be creating more incentives to attract people, grow businesses, and investment opportunities not only locally but in the entire state.”
Common Council member Cynthia Brock represents the 1st Ward. It is a section of Ithaca with long-term rental residents and few students. She likes the idea of limiting the impact of development on a neighborhood’s long term residents.
“When you have a neighborhood that is in transition,” Brock said, “it’s becoming much more attractive, it can draw higher rents, being able to increase rents dramatically on your existing tenants effectively becomes an eviction.”
Governor Cuomo says he will sign any new rent laws the legislature passes.