NY legislators reach agreement on sweeping rent reforms

Glenn Schuck
June 12, 2019 - 6:47 am

AP

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NEW YORK (1010 WINS) — The state legislature has reached an agreement to extend rent regulations which cover about half the apartments in New York City and are set to expire in four days.

The deal would grant sweeping new rent protections giving tenants rights groups eight of the nine measures they’ve been lobbying for, a decisive victory affecting 2.5 million people in the city.

This includes ending the vacancy bonus which allows landlords to increase rents 20 percent every time  a regulated apartment turned over to a new tenant.

The deputy leader in the state senate, Michael Gianaris of Queens, said, “With this new law, that mechanism to deregulate apartments will be gone, and that will have a huge impact. In addition, a lot of the loopholes that landlords have used to raise rents will be closed.”

Gov. Cuomo has said he would sign any deal that passed the legislature.

Landlords are unhappy about the deal.

They say it will put small landlords out of business.

 

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