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Cuomo hopes to extend rent laws with April 1 budget submission
New York Governor Andrew Cuomo wants to extend state rent laws that include rent-stabilization provisions on more than one million units across the city, according to the Wall Street Journal. The current law doesn’t expire until June 15, but he hopes to secure an extension with the April 1 state budget submission. Extending rent rules is typically a hot button issue in the state legislature and for landlords and tenants across the city. Republican pressure helped relax the rent-stabilization laws in recent years, and more than 300,000 units have been deregulated since 1993. Now Democrats not only want to protect the one million remaining rent-stable units, but they also seek stricter provisions that regulate even more housing. State Assembly Speaker Sheldon Silver has been an especially outspoken proponent for tenants in rent-controlled apartments.
Current law permits apartments to deregulate once their value exceeds $2,000 per month.