Real estate has been and is still one of the most valuable hard assets in the world. If you purchased a home 30 years ago for $95k the likely hood is you would have seen the value increase to $450,000 or more today.
New York City has been home to some of the highest priced real estate in the world, making the cost of everyday living more and more expensive and challenging.
On June 14, 2019 a big change occurred for a significant part of the NYC real estate market, with the enactment of The Statewide Housing Security and Tenant Protection Act.
The law focuses on Tenant rights and protections, but because of this new law an opportunity makes homeownership more affordable and accessible, with special concessions for tenants who purchase their available for sale apartment unit. The benefits of homeownership over tenant rental are numerous but the most important are value appreciation and the ability to manage future expense and payment increases. If you ever had an interest in becoming a home owner in NYC and thought that dream would not likely happen. Then now’s the time!