Condo Conversions Plunge 80% After Rent Law: Report
Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock) Changes to New York’s rent laws dealt a severe blow to the business of condo conversions, according to a new study. In the year following the June 2019 passage of the Housing Stability and Tenant Protection Act, just five condo conversion plans were submitted to the Attorney General’s office, the lowest level since the 1960s. In the previous five years, an average of nearly 24 conversion plans were filed each year, according to a recent report prepared by the Steven L. Newman Real Estate Institute at Baruch Co...