Vote expected today on Albany rent regs deal

TRD New York /
Jun.June 22, 2011 12:50 PM

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]


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)

Owners of some residential properties can’t hide behind
LLCs anymore

Owners of some residential properties can’t hide behind
LLCs anymore
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
Keith Gelb and Bill Walton with 63 and 67 Wall Street (Rockpoint, Google Maps)

Rockpoint Group settles alleged rent-stabilization violations for $5M

Rockpoint Group settles alleged rent-stabilization violations for $5M
A U.S. District judge has given tenants a seat at the table in the legal challenges to New York’s rent law, defying attorneys representing landlords. (iStock)

Tenants get seat at table for legal challenges to rent law

Tenants get seat at table for legal challenges to rent law
(iStock)

Laughing matters: Comedy club owners call for reopening

Laughing matters: Comedy club owners call for reopening
New York Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins (Getty)

New York lawmakers push for new millionaires’ tax

New York lawmakers push for new millionaires’ tax
New York City Mayor Bill de Blasio, President Donald Trump, and New York Governor Andrew Cuomo (Credit: Yana Paskova/Getty Images, Chip Somodevilla/Getty Images, and Drew Angerer/Getty Images)

Trump threatens to yank $7B from “anarchist” NYC

Trump threatens to yank $7B from “anarchist” NYC
arrow_forward_ios

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

Loading...