Statement by Real Estate Board of New York President John H. Banks on Housing Stability and Tenant Protection Act 2019

“The harmful impact of this legislation will be profound for New York City’s economic future.  There are many losers including small property owners, contractors as well as tenants.  This legislation will keep rent lower for some, but also significantly diminish housing quality and lead to less tax revenue to pay for vital government services. It will worsen the City's housing crisis.   The construction of future affordable units will slow, if not end altogether, the housing vacancy rate will worsen and nothing will have been done to make it easier for those who struggle to pay their rent. There was a path to responsible reform that could have protected tenants as well as owners, jobs and revenue, but Albany chose not to take it.” – John H. Banks