Multi-Family Market Grinds to a Halt in New York City

Not since the Great Recession have sales of multi-family residential buildings in New York City slowed to such a standstill. Experts are blaming the state's new rent control regulations.

1 minute read

July 21, 2019, 5:00 AM PDT

By James Brasuell @CasualBrasuell


New York Apartments

Ryan DeBerardinis / Shutterstock

"Multifamily deals came to a standstill as investors got scared away by New York’s new tenants-take-all regulations," reports Oshrat Carmiel.

"In the first half of 2019, New York City apartment building sales fell 48% from the same period a year earlier, B6 said in a report. It was the biggest decline for any six-month period in data going back to 2009," adds Carmiel.

It seems certain to the experts cited in the article that the market is responding to a new state law that caps rent increases. Landlords have responded by filing a lawsuit that relies on the argument that the new rent control law amounts to an illegal taking of property.

Wednesday, July 17, 2019 in Bloomberg

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Cover CM Credits, Earn Certificates, Push Your Career Forward

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

July 2, 2025 - Diana Ionescu

Aerial view of town of Wailuku in Maui, Hawaii with mountains in background against cloudy sunset sky.

Maui's Vacation Rental Debate Turns Ugly

Verbal attacks, misinformation campaigns and fistfights plague a high-stakes debate to convert thousands of vacation rentals into long-term housing.

July 1, 2025 - Honolulu Civil Beat

Person wearing mask walking through temporary outdoor dining setup lined with bistro lights at dusk in New York City.

Restaurant Patios Were a Pandemic Win — Why Were They so Hard to Keep?

Social distancing requirements and changes in travel patterns prompted cities to pilot new uses for street and sidewalk space. Then it got complicated.

June 19, 2025 - Diana Ionescu

Aerial view of new neifhborhood under construction with enpty lots in foreground.

In California Battle of Housing vs. Environment, Housing Just Won

A new state law significantly limits the power of CEQA, an environmental review law that served as a powerful tool for blocking new development.

July 2 - CALmatters

Low-rise Pearl Sreet mall in Boulfer, Colorado.

Boulder Eliminates Parking Minimums Citywide

Officials estimate the cost of building a single underground parking space at up to $100,000.

July 2 - Boulder Reporting Lab

Two-story buildings with porches in walkable Florida neighborhood.

Orange County, Florida Adopts Largest US “Sprawl Repair” Code

The ‘Orange Code’ seeks to rectify decades of sprawl-inducing, car-oriented development.

July 2 - CNU Public Square