Late Thursday night, lawmakers agreed to pass a five-day extension of New York City’s rent regulations, after the laws expired on Monday night. The deal gives them until Tuesday to come to a resolution.
“Negotiations on a range of issues important to the people of New York State remain ongoing and are moving in a positive direction toward a resolution,” a joint statement issued by Assembly Speaker Carl Heastie, Senate Majority Leader John Flanagan, and Governor Andrew Cuomo said, according to Capital New York. “As discussions continue through the weekend, the Assembly and Senate have agreed to pass – and the Governor has agreed to sign – a five day extender of New York City’s rent regulations that will codify into law important safeguards for more than two million tenants.”
There has still been no agreement reached on an extension or reformation of the 421a tax abatement, which gives tax breaks to developers in exchange for certain benefits.
Flanagan also released a separate statement affirming that he stands by his original position. He believes the rent regulations should be extended for eight years, with a provision adding that residents of rent-stabilized apartments must verify their income.
“The State Senate has already acted on legislation to extend New York City’s current rent laws for eight years with provisions to enforce the intent of the laws that ensure help to those who truly need it,” Flanagan said. “Unfortunately, the Assembly has failed to pass this bill. Let’s be clear – We continue to believe very strongly that our bill is the best approach to the City’s affordable housing challenges.”