City biz leaders blast commercial rent plan (Real Estate Weekly)
Real Estate Weekly, November 20, 2019
City biz leaders blast commercial rent plan
Last year, The New York City Bar Association determined the New York City Council has no legal power to enact commercial rent control. The Real Property Law Committee determined that the city could only impose commercial rent control by a concern for ‘health and welfare’ and argued that courts would disallow it.
Councilmember Levin, who is leading the effort, said the legislation would prevent further vacancy across the city due to rising rents that have pushed out local businesses and increased the price of services and goods.