Upper West Side skyline

Spencer Platt/Getty Images

Cuomo signs sweeping overhaul of rent laws, real estate industry in 'shock'

June 14, 2019 - 12:45 pm
Categories: 

ALBANY, N.Y. (AP/1010 WINS) -- Leaders in New York state have approved new rental protections for more than a million New York City apartment dwellers, along with some regulations that will apply statewide.

The Democrat-led state Senate and Assembly passed the bill Friday afternoon. Gov. Andrew Cuomo immediately signed the measure into law.

"At the beginning of this legislative session, I called for the most sweeping, aggressive tenant protections in state history. I'm confident the measure passed today is the strongest possible set of reforms that the Legislature was able to pass and are a major step forward for tenants across New York," Cuomo said.

The law brings more protections for tenants living in about 1 million rent-controlled apartments in the city and makes it harder for landlords to raise rents in those apartments.

The measure extends and strengthens rules restricting rental increases in many older, multi-unit apartments in and around the city.

It also bans security deposits of more than one month statewide and authorize cities throughout New York to opt into rent stabilization.

Housing advocates praise the proposal as a historic victory for tenants and everyday New Yorkers.

Landlords warn apartments could fall into disrepair if owners can't increase rents enough to recoup the cost of improvements.

Major real estate developers are reportedly in "shock" over the new law and landlords plan to mount a legal challenge.

Like 1010 WINS on Facebook and follow @1010WINS on Twitter to get breaking news, traffic, and weather for New York City.