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Perspectives

New York City Council Again Considering Commercial Rent Control

Many bills have been proposed in the New York City Council over the years that would create some form of rent control for certain commercial properties in the city.  Like the residential rent regulations that have existed for many years, the proposals would limit the amount of rent increases that landlords could impose on commercial lease renewals, at least for smaller commercial spaces.  To date, none of these proposals have passed the City Council since a prior set of commercial rent regulations expired in 1963.  However, the current composition of the City Council makes it more likely that this type of proposal may receive serious consideration.  The proposed restrictions would affect many cooperatives and condominiums that include commercial space, in addition to other landlords.  People with opinions regarding the proposed legislations may wish to communicate them to their Council Members.