Turmoil in New York with rent control regulations statewide
Our CEO Andrew Jarrett recently came back from touring JC properties in Western New York. We have made the necessary changes in our daily operations and paperwork to conform to the new regulations on landlord/tenant laws in this state. These changes will add more labor hours and costs to continue to run our properties, especially with the increased eviction time. You can find theses changes to the NYS landlord-tenant laws here. We at Jarrett Capital think we could see a flood of investor capital coming out of NY, due to the unfavorable regulations, restrictions and potential civil & criminal penalties these laws place on real property owners. We think this investor capital will move into the southeastern states, which are more business and property owner friendly. The landlord/ tenant laws tend to favor the landlord in these states. Also, in FL specifically, there is no state income tax.