Setting the Playing Field of the “New Law”

Trying to set the playing field of what to the vast majority of real estate professionals and investors is the “Anti-Field of Dreams,” two of the more common definitions of the word “tumult” is that of either (1) disorderly agitation or milling about of a crowd usually with uproar and confusion of voices or (2) more simply, to be in great commotion. Taking it a step further, “oy vey” is generally defined as a reaction to express irritation, dismay, frustration or sorrow, or stated another way for fans of Charles Schulz of Peanuts and Snoopy fame, the catchphrase of Charlie Brown, namely that of “good grief.”

So with that said our real estate brethren, we find it to be quite ironic that, as we gather here on the 50th anniversary of one of the most memorable, groundbreaking and tumultuous years of any we have ever witnessed, namely 1969 (you know, the year of Woodstock, man landing on the moon, the Jets winning the Super Bowl, the Miracle Mets winning the World Series, the last year of the original Star Trek series and the release of the last album The Beatles ever recorded together, namely Abbey Road with the hit single “Here Comes The Sun”), it’s not an easy thing to find – playing off of the words of the song “My Girl” by Motown legends The Temptations, “sunshine on a cloudy day” when it comes to the Housing Stability and Tenant Protection Act of 2019 (the “New Law”). Nonetheless, Leasing REality is here for you as your tour guide, in the words of Elvis Costello and Nick Lowe from the song “What’s So Funny ‘Bout Peace, Love and Understanding?,” to help you as you are now left “searchin’ for light in the darkness of insanity” that is the New Law itself.

So with an “is what it is, leave the kvetching and moaning for another day, just deal with it and be productive” mindset, let’s try and bring to light some of the issues and consequences associated with the New Law when it comes to real estate professionals managing, preparing and negotiating residential leases in New York State, and how we can, channeling the song titles of rock legends The Who and The Clash, when it comes to a residential broker preparing a lease, alert brokers that they need to know that “it’s a legal matter, baby” as to whether or not they should be preparing and negotiating the lease, and that if they in fact do so, they may come away from the experience mumbling to themselves and anyone within earshot that “I fought the law and the law won.”