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New York’s Housing Rehab Crisis | Real Estate News
New York’s housing market is in freefall as outdated policies designed to curb rent hikes are backfiring—forcing developers into a legal and financial quagmire. A state lawsuit against Peak Capital Advisors exposed how regulators shut down the “substantial rehabilitation” loophole, which once let landlords convert buildings into market-rate rentals. Worse, a former agency chief revealed how political pressure led to retroactive rule changes, jeopardizing thousands of approved projects. Developers now face unpredictable denials—even for compliant renovations—risking millions in investments and…
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