The old rent laws are due to expire on June 15th. The nine bills under consideration will address some of the issues with those laws, and I support all of them… as palliatives. To get at the root of the problem, though, there needs to be a tenth bill:
Abolition of the Mortgage and Like Instruments Act
Upon passage of this bill:
1. No real estate in New York State shall be used as collateral on any loan;
2. No real estate in New York State shall be purchased with loans, wherever originated; and
3. No bids on real estate in New York State shall be made with loans secured by giving the lender rights to the real estate being sought if it is bought and the loan is subsequently defaulted.