Partner Eric Sherman Quoted in Law360 on New Tenant Safeguards in New York
Eric Sherman, member of Pryor Cashman’s real estate litigation practice was quoted in the Law360 article, "NY’s New Tenant Safeguards May Stifle Affordable Housing."
New York State’s Division of Housing and Community Renewal has implemented new tenant protections in New York City which many find too strict for landlords. One of the implications of the 27 new amendments to the rent stabilization code is that landlords will have to keep documents going back more than four years in case they need to support an increase in rent.
Regarding the changes, Sherman said, "These things are going to create a chilling effect on an institutional owner’s willingness to dip its toes in the waters here, there’s no question about it."
To read the article in its entirety, please click here.
