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Landlords: New Rent Laws Would Be 'Chaos'

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The package of tenant-empowering rent-regulation bills passed by the State Assembly won't make it to the newly Democrat-dominated State Senate for months, but landlord groups are already playing defense. Eliot Brown reports: "The far-reaching legislation's effects, landlord groups warn, could be cataclysmic, as they claim that new or changed rent regulations will lead to widespread defaults on apartment buildings purchased at the peak of the market earlier this decade. 'You will see increased foreclosures on multiple dwellings,' said Joseph Strasburg, president of the Rent Stabilization Association, a powerful landlord group. 'You have total chaos in this city when you have large complexes being foreclosed on.'" [NYO, previous]