Rent Control Heats Up Amid Challenges From Industry
Multifamily leaders weigh in on local legislation and ballot measures that have nationwide implications.
Kingston, N.Y., a picturesque town on the Hudson River 90 miles north of New York City, could be a sign of challenges ahead for the multifamily industry.
In August, Kingston became the first city in upstate New York to adopt rent control. Declaring a housing emergency under the state Emergency Tenant Protection Act, the Kingston Common Council voted to adopt rent stabilization.
Approximately 1,200 rental units are affected. Landlords will only be able to increase their rent by a percentage determined by a nine-person board. Now the apartment industry is watching to see whether other municipalities in the region will follow in Kingston’s footsteps.