About under one Roof NY
This coalition consists of responsible individual landlords and property management companies statewide who are urging state lawmakers to address the unintended consequences of the Housing Stability & Tenant Protection Act of 2019 on both landlords and tenants and advocate for changes to the law. Our members are small business owners who provide quality housing to other hardworking New Yorkers and serve as economic drivers in their local communities.
As its currently written, this law stifles economic development and disincentivizes necessary investments in the statewide apartment industry, places onerous burdens on business owners and limits tenants’ access to quality and affordably priced housing options.
UNDER ONE ROOF NY was founded by the New York Capital Region Apartment Association (NYCRAA). NYCRAA was founded with the purpose of joining together small and large owners of real estate for their mutual benefit. The organization is comprised of owners and managers of multi-family rental properties and other entities such as vendors, who work in fields related to the housing industry. Through an organized program of information, project development and educational seminars, the Association keeps its members informed on all phases of the multi-family housing industry.
Our affiliation with the National Apartment Association which represents over 10 million apartment homes brings the perspective, resources, and information that can only come from a national organization. No other organization can boast of such widespread support in the apartment industry!
STATEWIDE ECONOMIC DEVELOPMENT
New York’s apartment rental industry plays a vital role in local, regional, and statewide economic development. Apartments provide millions of New Yorkers with affordable and flexible housing options and support tens of thousands of jobs and millions in tax dollars supporting local communities and schools. Additionally, the robust new construction market for apartments is a major economic boost for communities both upstate and on Long Island.
The Housing Stability & Tenant Protection Act of 2019, created burdensome regulations forcing many longtime property owners to consider selling their housing deterring them from making new investments and expanding their property portfolios. As longtime property owners leave the market, developers are less interested in new apartment construction.
Protections for landlords and tenants
The Housing Stability & Tenant Protection Act of 2019 has many unintended consequences for individual landlords, apartment owners, and property management companies while creating new challenges and new uncertainties in the housing market for tenants.
This law negatively impacts the ability of small business owners to run efficient and profitable businesses. Many responsible landlords are already operating with slim profit margins, and this law makes it even more difficult. Landlords won’t have the necessary capital or profit to reinvest in their buildings through upgrades or regular maintenance, resulting in a lower quality of life for many New Yorkers.
This law hurts tenants, prospective tenants, and applicants. Previously, responsible landlords may have been willing to take a chance on prospective tenants and applicants who were “on the bubble,” or those who have poor credit or are unbanked. Under this new law, landlords are at a disadvantage with increased expenses and the potential loss of rent revenue that they can’t afford to take on any additional risks. And with a more competitive market and an increase in the cost of doing business, it is likely that costs of renting an apartment will increase. In short, costs will continue to rise for tenants as their quality of apartment choices decreases.