The Assembly extended and strengthened rent regulations with the boldest improvements in nearly 30 years (Ch. 97 of 2011). The law encompasses many of the measures championed by the Assembly in previous years and will prevent the loss of even more affordable housing in New York City.
Between 13,000 and 40,000 apartments are decontrolled every year, making it harder for New Yorkers to stay in apartments or find an affordable place to live. This new law focuses on closing loopholes and making it more difficult for landlords to raise rents and remove apartments from rent control. It also extends the 421-A law, which provides a tax credit to housing developers in New York City who set aside 20 percent of their building for affordable housing. The law also creates a new tax credit aimed at encouraging developers outside of New York City to embrace affordable housing by empowering cities, towns and villages to create real property tax exemptions for newly constructed or rehabilitated multiple-dwelling buildings that cater to low- and moderate-income tenants.
The new law will:- raise the vacancy deregulation and the high-rent threshold to $2,500 per month;
- reduce the amount a landlord can increase rent after a capital improvement to an individual apartment from 1/40th to 1/60th of the cost of the renovation; and
- extend rent laws for another four years.
These added protections reflect the economic reality faced by New Yorkers as they struggle with rising housing costs. By protecting rent regulation we ensure that hard-working families are not priced out of their neighborhoods.
To read the complete bill text on Assembly bill A.8518, click here