OPINION: No to New Rent Control Bill

The newly proposed legislation introduced by local Assemblymember Sarahana Shrestha, the REST Act, represents a drastic and misguided expansion of rent control in the state. This proposal removes the requirement for municipalities to conduct vacancy studies to accurately assess the housing market, paving the way for towns to implement local rent control based on vague and subjective reasons rather than solid data. 

Moreover, it extends rent control to multifamily rental properties with a single unit, which will directly harm small, family-owned landlords, pushing many to sell their properties to large corporate entities. The legislation also alters the criteria for eligible rental-controlled properties by including those built 15 years ago or later, replacing the current cutoff of 1974. In cities like Kingston, this change would encompass nearly all rental properties. Even more concerning, municipalities would no longer be required to lift a declared housing emergency once the law is enacted, allowing rent control measures to persist indefinitely. 

This legislation is counterproductive to addressing our housing crises and severely undermines the state's ability to incentivize new housing construction. It will divert necessary funds from maintaining existing properties, leading to unacceptable living conditions for tenants. An expansive rent control framework across the state will undoubtedly stifle the creation of new housing projects, which are critically needed to reduce prices. Ulster Strong firmly opposes this legislation and calls on state legislators to reject it in favor of supporting Governor Hochul’s housing initiatives.