Disgraced former New York governor Andrew Cuomo is now running for Mayor of NYC and doing a complete 180-degree turn on his radical rent control policies. In a desperate bid to win over the real estate industry, Cuomo is suddenly disavowing the tenant-friendly rent laws he himself championed while Governor. He realized he was wrong…and that’s a disgrace to Democrats!
At a glance:
• Former NY Gov. Andrew Cuomo is now running for NYC Mayor and backtracking on his 2019 rent reform laws
• Cuomo expressed “regret” about the tenant-friendly Housing Stability and Tenant Protection Act to real estate executives
• The 2019 law limited landlords’ ability to raise rents and has been blamed for reducing building values by 30-50%
• Cuomo’s mayoral campaign has quickly raised $1.4 million, with significant support from real estate figures
• The former Governor now claims the rent control laws he signed went too far and had “unintended consequences”
Cuomo Flip-Flops on Radical Rent Control
Former New York Governor Andrew Cuomo, now seeking the mayoral seat in the Big Apple, is making a dramatic policy shift away from the tenant protections he once championed. In closed-door meetings with the Real Estate Board of New York (REBNY), Cuomo expressed regret about the 2019 Housing Stability and Tenant Protection Act that he signed into law during his time as governor.
The controversial legislation, which has been dubbed the “Housing Destruction Act” by many in the real estate industry, severely restricted landlords’ ability to raise rents on regulated apartments. The law prevented rent increases to market value on vacated rent-regulated apartments and limited costs that could be passed to tenants for building improvements and renovations.
Rich Azzopardi, a spokesperson for Cuomo’s campaign, attempted to explain the former Governor’s newfound position on the rent laws. “While well-intentioned, the 2019 bill had unintended consequences in some places — specifically changes involving MCI and IAI repairs,” Azzopardi stated in a carefully worded statement addressing the policy reversal.
According to multiple sources, Cuomo now believes the rent reform laws “excessively limited allowed rent increases tied to apartment building repairs.” This marks a significant departure from his position when he signed the legislation, which was celebrated by progressive Democrats and tenant advocacy groups.
Real Estate Industry Damage Assessment
The 2019 rent reform laws have been devastating to New York City’s housing market, according to many real estate executives and property owners. Industry experts estimate the value of rent-regulated buildings has plummeted by 30 to 50 percent since 2018, directly resulting from the restrictions imposed by Cuomo’s legislation.
The dramatic decline in property values has had cascading effects throughout the city, reducing property tax revenue and discouraging investment in building improvements. Many landlords report they can no longer afford to maintain their buildings properly under the current regulations, leading to deteriorating housing conditions across the five boroughs.
Cuomo’s sudden change of heart appears strategically timed, as his mayoral campaign has quickly raised $1.4 million since announcing his candidacy. A significant portion of these funds reportedly comes from real estate figures who would benefit from loosening the rent control regulations.
Meanwhile, incumbent Mayor Eric Adams has seen his fundraising efforts falter amid multiple federal investigations into his administration. This financial advantage gives Cuomo a potential edge in what is shaping up to be a crowded Democratic primary field.
Cuomo’s pivot represents a calculated political strategy as he attempts to build a coalition of supporters for his mayoral bid. The former Governor is competing against several candidates in the Democratic primary, including New York City Comptroller Brad Lander and others who generally support the existing rent regulations.
And you know what? It might just work.
