NEW YORK: Before the start of each month, Anh-Thu Nguyen and her two roommates send rental checks to their landlord. A few days later, the checks are mailed back.
"We have to fight back," said Nguyen, who has helped organise tenants in other buildings that belong to Greenbrook, which has more than 150 properties in Brooklyn and Queens, most bought during the pandemic. "The market has bounced back, and that has led to rent increases and lease renewals that are really burdensome for tenants," said Charles McNally, director of external affairs at the Furman Center, a New York University urban policy research organisation.
Housing experts told senators that a frequently changing cast of shell companies and subsidiaries appearing on official ownership documents hinders accountability for tenants. They also point to estimates that Wall Street-backed firms comprise a tiny stake of the US rental housing stock - figures that housing experts say are based on outdated pre-pandemic data.
Many in real estate oppose the legislation, including Bryan Liff, who is selling two condo units rather than risk renting them under such a Bill, which would come on top of soaring costs during the pandemic that he says are driving out mom-and-pop landlords.