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Francis Greenburger of Time Equities (Greenburger via Michael McWeeney; iStock) Changes to New York’s rent laws dealt a severe blow to the business of condo conversions, according to a new study. In the year following the June 2019 passage of the Housing Stability and Tenant Protection Act, just five condo conversion plans were submitted to the Attorney General’s office, the lowest level since the 1960s. In the previous five years, an average of nearly 24 conversion plans were filed each year, according to a recent report prepared by the Steven L. Newman Real Estate Institute at Baruch College. The report attributes the steep drop-off to the new law, which stipulates that 51 percent of tenants in a rental building must agree to buy their unit for a conversion to take place. Before June 2019, the required threshold was just 15 percent of tenants, or so-called “insiders.”

New yorkUnited statesMichael mcweeneyYildiray yildirimRoberta axelrodFrancis greenburgerYork state department of laborUs census bureauFurman centerTime equitiesHousing stabilityTenant protection actAttorney generalReal estate instituteNew york state attorney generalNew york state department