Lawmakers to tackle thorny issue of rent regulation

Complicated set of rules scheduled to expire on June 15

TRD New York /
Jan.January 05, 2015 03:58 PM

If lawmakers in Albany don’t reach an agreement, laws that keep monthly rent low for roughly two million New Yorkers will expire on June 15.

State legislators are now girding for a debate about whether to renew those controversial laws — and if renewed, whether the rules should be strengthened or weakened.

“The city is changing enough as it is, and these laws are so important to so many people,” one tenant in a rent-controlled apartment told the Associated Press. “If you want to have neighborhoods, if you want to have families and artists and elderly living in New York City, we need these laws. Can you imagine what New York City would be like without them?”

The laws will determine the size of the rent increase for roughly a million apartments that were built before 1973. Supporters claim that rent regulation is needed to ensure that New York City remains affordable for the middle class and working class. Landlords prefer to rent partments for market-rate prices, rather than keeping rent artificially low.

The rent laws are controlled by the State Senate, which is currently in Republican hands. [AP via Crain’s]Claire Moses


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

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”

Some landlords say they plan to close the door to vacant apartments and wait for the laws to change (Credit: iStock)

Creative ways NYC landlords are getting around the new rent rules

Jay Martin, James Whelan and Joe Strasburg

Rent-pocalypse 2.0: Real estate industry reacts to tenant demands

Cases to challenge tenant residency have declined since June (Credit: iStock)

More rent-law fallout: Landlords back off “absentee” tenants

10 Hanover Square (Credit: Google Maps)

FiDi landlord violated rent stabilization regs for years: lawsuit

Here’s why landlords don’t hate California’s rent control bill

Cea Weaver (Credit: Elijah Stevens)

The tenant movement’s giant killer

arrow_forward_ios