NYC Mayoral Candidate Cuomo Backtracks From Rent Reform

Now that he's running for New York City mayor, former Democrat Gov. Andrew Cuomo appears to be distancing himself from rent reforms he signed into law.

Cuomo, who resigned from office in 2021 due to allegations of sexual misconduct that he continues to deny, understandably is courting real estate executives to help support his campaign for the party's mayoral nomination.

However, Cuomo in 2019 went against industry power brokers who hoped he would block tenant-friendly reforms.

During a closed-door meeting of the Real Estate Board of New York (REBNY) executive committee last week, Cuomo privately expressed regret about elements of rent reforms that went too far, Politico reported. He specifically cited the law's effect on building investments.

"While well-intentioned, the 2019 bill had unintended consequences in some places — specifically changes involving MCI and IAI repairs," Cuomo campaign spokesperson Rich Azzopardi said, referring to state programs that regulate how much owners can raise rents following improvements and upgrades.

"There's been widespread acknowledgment of these issues, which subsequently were the subject of legislative tweaks."

The outlet said Cuomo told REBNY he should have tried to limit the aspects of the law he believes were excessive.

After New York lawmakers announced the agreement in June 2019, The New York Times reported "the deal was a significant blow to the real estate industry, which contended that the measures would lead to the deterioration of the condition of New York City's housing."

"These reforms give New Yorkers the strongest tenant protections in history," the Senate majority leader, Andrea Stewart-Cousins, and the Assembly speaker, Carl E. Heastie, said in a joint statement at the time, the Times reported.

"For too long, power has been tilted in favor of landlords, and these measures finally restore equity and extend protections to tenants across the state."

With Mayor Eric Adams losing support among business leaders, Cuomo hopes to take advantage and gain their backing as he runs as a moderate promising to revive the Big Apple.

"We appreciate the governor meeting with us and outlining his vision for New York City's future," REBNY President Jim Whelan said in a statement about the meeting with Cuomo.

Some aspects of the rent reform law were rolled back last year, though landlord advocates say they did not go far enough.