If you contact Kathy Burke at the NYS Manufactured Housing Association she will e-mail you some memos on the recent law changes. They are a good summary of the changes. Or, I can e-mail them to you if you DM me.
I am negotiating a contract to purchase a park in NY. I am not scared off by the rent control because the park rents are close to market for that area and the park is stable. Then again, just like the other poster mentioned, NY is in my backyard so would I be looking there if I lived in any state that is a plane flight away…probably not.
I can see the law changes being a problem where a buyer is trying to realize upside either through raising rents or billing back utilities. The 3% cap will make that pretty difficult. Also, you won’t have an exit strategy that involves selling the park to a developer who will seek to change the use of the property. The new laws make that possibility extremely unlikely.
That said, if you find a good deal in a decent market then you will likely make money. Overall, in the state of NY vacancy in mobile home parks has historically be very low.