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“Good Cause Eviction” is a bill under consideration in the New York State Legislature that would prohibit property owners from increasing rent more than 3 percent annually or 1.5-times the CPI and would require property owners to continue renting to the same tenant forever, except in very limited circumstances. In other words, the renter would have a legal right to an owner’s property, forever.
Good Cause Eviction will lead to significantly higher rents on vacant units and will have almost no impact on how much current renters pay. A majority of economists believe that ‘Good Cause Eviction’ will lead to less creation of affordable housing, and that property owners will increasingly convert buildings into condos or co-ops.
Good Cause Eviction means higher property taxes, fewer quality homes, and impossible burdens on property owners, further distorting the market and turning owning and renting property into a money-losing proposition.