OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Stefanik and Malliotakis Lead Letter to Hochul Requesting Veto of State Housing Bills that would Devastate Housing Market

Press Release

Date: June 30, 2023
Location: Washington, D.C.
Issues: Federal, State and Local Relations Housing and Property

"While this matter may seem narrow in scope, making this policy retroactive will have a wide-ranging and immediate impact on the residential real estate industry, housing stock, the regional banking sector, and the broader economy while "benefitting" mostly affluent tenants predominantly in core Manhattan neighborhoods. This legislation would enable class action lawyers and professional activists to challenge the rent levels of regulated apartments that have already undergone years of litigation and administrative orders, including periods of deregulation when tenants agreed to higher rent levels.

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"These bills do not generate new housing or make housing more affordable to either economically distressed tenants or any new entrants to the rental market. Your veto would avoid the inevitable economic chaos and requests for federal assistance that this legislation would provoke. We strongly urge you to veto this legislation in order to cause further damage to the state's housing supply and market."


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