State Assembly votes to extend rent regulations through 2018

The New York State Assembly has voted to extend New York’s rent stabilization and rent control laws in their current form through June 15, 2018, Assembly Speaker Sheldon Silver and Housing Committee Chair Vito Lopez announced today. The bill, said Lopez, is “a step towards creating certainty for the thousands of tenants of rent-stabilized apartments.” Rent regulations are intended to address vacancy rates of lower than 5 percent, below which point housing is legally considered to be in a state of emergency. New York City’s residential vacancy rate has been recently reported at less than 3 percent. “Affordable housing is a necessity, not a luxury,” Silver said. “We must continue addressing the needs of middle-income families during this economic crisis.” TRD

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