Vote expected today on Albany rent regs deal

June 22, 2011 12:50PM

A tentative deal to renew New York State’s rent regulation laws and cap property taxes for homeowners emerged from Albany yesterday and is expected to move to the Senate and Assembly floors today for a vote, according to the New York Times. The details of the so-called “framework” are as follows: much to the dismay of die-hard tenant-advocates, vacancy decontrol is staying, and landlords will still be allowed to deregulate apartments when tenants’ monthly rent and annual household income reach certain thresholds. But those thresholds are being increased to $2,500 from $2,000, and to $200,000 from $175,000, respectively. Landlords will also be held accountable by state housing officials for how much they spend to upgrade rent-stabilized apartments before they’re allowed to charge tenants for building improvements. Meanwhile, developers will breathe a sigh of relief because the 421-a tax credit, which offers incentives for designating portions of new apartment buildings for affordable housing, is being extended. The property tax cap that was proposed late last month will be combined into one bill with the new rent regulations, with both the rent laws and the 421-a extension set to expire in four years, and the property tax cap set to expire in five. [NYT] and [Times-Union]