Democrates retake control of New York State Senate

Real estate industry is disappointed in the results

The Democrats won a clear majority in the New York state Senate, giving the party complete control of the state government, according to the NYTimes. Republicans held a slim one-seat majority going into yesterday’s election. 

The obvious: Governor Andrew Cuomo was re-elected, and his preferred candidate for attorney general, Letitia James won easily… James spearheaded the publication of the annual “Worst Landlords List”. 

What this means for real estate: With complete grip of power, Democrats will seek to reform multi-family housing. They will push to reform vacancy decontrol and rent stabilization laws, and make other changes to protect tenants. Should be interesting to see what happens as progressives will certainly put the heat on Cuomo.