NYC Landlords to Face New Limitations on Buying Out Tenants


Landlords hoping to pay tenants to move out of New York City’s 1.3 million rent-regulated apartments will soon face new limitations on extending offers.

Mayor Bill de Blasio on Thursday signed legislation barring repeated buyout offers within six months if tenants don’t want them. Other provisions require reminders that tenants can refuse or consult lawyers.

De Blasio and other proponents say the measures will help keep residents from being browbeaten by landlords and professional “tenant relocators” eager to empty rent-restricted apartments so they can charge more.

Vacant apartments often can be renovated, deregulated and re-rented at much higher prices. About 266,000 apartments have been deregulated since 1994.

Some real-estate industry experts say the new restrictions will unduly curb communications with tenants.

The measures will take effect in three months.