“The state legislature has come out with a reform package on rent regulations that protects tenants at the expense of preserving their homes. The city’s older, regulated apartment buildings require constant upgrading and modernization. The proposed reforms substantially eliminate the tools that owners, investors and lenders have relied upon for funding building improvements and provide no replacement. Absent provisions to encourage private investment in rental housing through tax incentives or other means, this rent reform package will inevitably lead to the same loss of decent, middle class housing that we experienced in the 1970’s and 1980’s. It is not enough to maintain affordability if it means tenants are living in terrible conditions, as we have seen with the deterioration of the NYCHA public housing stock. The proposed legislation sets up the city’s regulated rental housing to experience the same disinvestment as NYCHA, which ignores a lesson that we should have learned by now,” said Kathryn S. Wylde, President and CEO of the Partnership for New York City.