Assembly votes to extend rent regulations

TRD New York /
Apr.April 12, 2011 08:58 AM

The State Assembly has passed a bill to extend and bolster the city’s rent regulation laws through 2016, Speaker Sheldon Silver’s office announced yesterday evening. The bill would repeal vacancy decontrol, which allows landlords to deregulate apartments when they become vacant or when the rent tips above $2,000 monthly. It would also raise the thresholds at which landlords can deregulate apartments based on tenants’ income. Landlords can currently begin charging market-rate rents when a tenant makes more than $175,000 per year and pays at least $2,000 in monthly rent; under the new rules, those limits would be increased to $300,000 and $3,000. The bill would also slash in half the percentage increases landlords may impose on new tenants. “Every year more than 10,000 rent-regulated apartments are lost because of loopholes in the rent laws,” Silver said. “This legislation will help keep middle-class families from being priced out of their homes and communities.” The bill now heads to the Republican Senate for consideration, where it will likely face a tougher battle. The current rent regulations are set to expire June 15; this bill would extend them through 2016. TRD


Related Articles

arrow_forward_ios
Blackstone CEO Steven Schwartzman and Stuyvesant Town (Credit: Getty Images)

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies

After authorities vowed review of Stuy Town deal, Blackstone changes course on vacancies
Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws

Tete-à-tete with TRD: How landlords are dealing with New York’s new rent laws
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)

New NYC rent law “beginning to shut down investment”

New NYC rent law “beginning to shut down investment”
Joseph Strasburg (Photo by Jeffersons Siegel)

Landlord leader opens up on rent law

Landlord leader opens up on rent law
Adam Pincus

Inside the legal strategy to topple New York’s rent law

Inside the legal strategy to topple New York’s rent law
A year after the rent law upended the New York City rental market, tenant organizers face an uphill battle to cancel rent and keep the pressure on (iStock)

Scant progress for tenants in wake of rent-law win

Scant progress for tenants in wake of rent-law win
One year ago, the multifamily market was upended, and the financial impact is still being assessed. (iStock)

The rent law, one year later: “No upside, no opportunity”

The rent law, one year later: “No upside, no opportunity”
(iStock)

New Yorkers’ exodus could unravel rent regulation

New Yorkers’ exodus could unravel rent regulation
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...