stop the REST ACT!

From our friends at APTS of NY

Dear APTS of NY Members,

Thank you again to everyone who participated in our recent survey on the proposed Rent Emergency Stabilization for Tenants (REST) Act (NYS Senate: S4659-A | NYS Assembly: A4877-A).The results are clear: this bill would have devastating consequences for property owners and the housing market across New York.

Take Action Now!

We need every APTS of NY member to contact their state legislators and demand that they oppose the REST Act. Your voice is critical in protecting property rights and stopping harmful legislation before it’s too late. Thank you for your support!

 Find Your Elected Officials Here:

• NYS Senator

• NYS Assembly Member

 Copy and send the message below to your elected officials.

Sincerely, Your Legislative Committee, APTS of NY

• Heather Schechter, Chief Strategy Officer, Sunrise Management & Consulting, Latham, NY

• Shawn Winters, General Manager, WPMHV, LLC, Wallkill, NY

• Harriet Baldwin, Financial Analyst, Courage Property Management, Elmira, NY

 Copy and send this message to your elected officials:

Subject: Urgent: REST Act Will Devastate NY Housing –Survey Results

Dear [Lawmaker’s Name],

We urge you to carefully consider the severe consequences of the proposed Rent Emergency Stabilization for Tenants (REST) Act on the housing market in New York (NYS Senate: S4659-A| NYS Assembly: A4877-A). A recent survey of The Apartment Professionals Trade Society of New York (APTS of NY) members highlights this legislation's overwhelmingly negative effects, including reduced investment, fewer rental units, and declining housing quality.

APTS of NY comprises owners and managers of approximately 55,000 multi-family rental units throughout upstate New York, as well as other members who work in fields related to the housing industry. We are also affiliated with the National Apartment Association.

What the REST Act Would Do

• Rent stabilization could be invoked without a vacancy study.

• Newer apartments could be regulated, with exemptions only for buildings under 15 years old (instead of just pre-1974 buildings).

• Any size building could be subject to rent stabilization, as localities would set the unit count threshold.

Survey Results: How Property Owners Will Respond

 73.6% of property owners would sell their properties if rent stabilization expands.
88.7% would significantly reduce maintenance and upgrades, leading to deteriorating housing conditions.
54.7% would stop investing in areas with these regulations.
75.5% believe fewer rental units would be available, while 83.0%foresee lower-quality housing.

The REST Act will reduce the number of available rental units, lower housing quality, and discourage future development. Instead of restrictive regulations, we need policies that encourage investment and create more housing options for New Yorkers.

Please vote NO on the REST Act and protect the future of New York’s housing market.

Sincerely,

[Your Name]
[Your Organization]
[Your Contact Information]

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