The Daily Dirt: Electrical fires surge after rent law

If old buildings have outdated, unsafe electrical systems, why don’t landlords upgrade them? Because some don’t have $1 million or more on hand, or the ability to borrow it. In a piece about an increase in Bronx apartment building fires caused by faulty wiring, Gothamist noted that “owners can apply for rent increases through the state’s Major Capital Improvements program if they demonstrate they made significant upgrades to the full building electrical system.” But rent increases for MCI’s were capped at 2 percent by the 2019 Housing Stability and Tenant Protection Act. That’s not always enough to finance such a […]

This article originally appeared on The Real Deal. Click here to read the full story.