The slow bloodletting of NYC real estate
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New York City's real estate market is being negatively impacted by numerous regulations, including Local Law 152, which requires gas piping inspections every four years. The cumulative effect of these regulations is increasing costs for building owners and tenants, without providing significant safety benefits.
New York City's real estate market is facing numerous challenges due to regulations. Local Law 152 requires gas piping inspections every four years, costing $600 to $1,100 per inspection. This law applies to hundreds of thousands of buildings, resulting in significant costs for building owners. The city's 300,000-plus three-family buildings are subject to the law, but single- and two-family homes are exempt. The costs of these inspections are estimated to be around $75 million per year. The regulations are increasing costs for building owners and tenants, without providing significant safety benefits.
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