Rent Stabilization Laws Expire

by Kevin Case

As of Monday night, rent regulation laws officially expired and lawmakers still haven't reached an agreement. However, Gov. Cuomo has made it clear that landlords who try to take advantage of the situation will face legal repercussions. Just like in 2011, the law that does pass will be retroactive, CBS Local News reports. On Friday, the Senate introduced legislation to extend the rules by eight years, while tightening rules on verifying tenants' income eligibility. Cuomo's issue is that it introduces new obstacles for tenants. Last month, the state Assembly voted to extend rent stabilization rules by four years and make it more difficult for landlords to increase rent on vacant, rent regulated units. Mayor de Blasio supports the Assembly's bill. Lawmakers are supposed to go on break today, but Cuomo says he won't let them leave without a deal. [WCBS]

Continue reading this story with a free account

Log in or register
Related Topics: 421a , Gov. Cuomo , Mayor Bill de Blasio
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

With Occupancy Brimming, Investors Pile Into Bay Area Apartments

FBI Drops Investigation Into Financially Troubled StoryBuilt

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

GTIS Partners Rebrands As Brightshore Capital, Launches $250M Debt Platform

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Dublin BTR Had A €1B Summer

Sales Of Lower-End Apartments Surge In Philly As Landlords Face Financial Issues

Wu Proposes Tax Breaks To Jump-Start Stalled Housing Projects

Taconic Partners Sheds Another NYC Life Sciences Property

Developer Seeks Permit For Denver Energy Center Conversion Project

Airbnb Launches $250M Fund To Invest In Affordable Housing