Good Intentions Don't Equate to Good Policy
New York Real Estate Practice Group Leader Stuart Saft authored a Multi-Housing News article arguing that New York's housing crisis stems not from landlord or developer greed but rather from decades of laws that have distorted the market, limited supply and made new development harder. He traces the problem from post-World War II rent control and rent stabilization measures to more recent laws such as the Housing Stability and Tenant Protection Act and Good Cause Eviction Law, explaining that these policies have discouraged renovation, blocked co-op and condo conversions and kept many regulated units off the market without regard to need. Mr. Saft also examines how the loss of incentive programs such as 421-a, shortcomings of 485-x, and lengthy zoning, environmental and community review processes have further reduced housing production and pushed developers to other states. He contrasts today's regulatory climate with the 1920s, when tax exemptions for new construction helped drive a major housing boom, and outlines reforms aimed at increasing supply, reducing barriers and better targeting subsidies.