Rent Regulations Expire With No New Plans in Sight

By Kevin Korber of Village Confidential

The New York Daily News reports that the New York State Senate rejected a proposal to extend expiring rent regulations while new regulations are still being discussed among lawmakers. The extension, proposed by Senate Republicans and supported by Governor Andrew Cuomo, was rejected by some Republicans and all Senate Democrats under the argument that it failed to strengthen tenant protections.

Lawmakers in Albany are still in discussions over the provisions of new rent laws, with pressure coming from both tenants’ organizations and real estate developers. Democrats are pushing for more protection for tenants in rent-controlled apartments, while Republicans want to keep current rent regulations as they are, along with added tax incentives for developers and owners of large apartment buildings.

Governor Cuomo pledged to keep the legislature in session until a long-term agreement can be reached. He said that expiration of the old rent laws, which occurred on Wednesday, would not lead to a housing crisis, but warned that a crisis would occur if no long-term rent regulations were in place soon.

Update:  Albany has agreed to a last minute, brief extension of the rent control laws while the legislature continues to work toward a viable resolution to the standoff.