Rent Control Laws Expire in New York City
Four years ago the New State Legislature passed the Rent Act of 2011that extended rental stabilization until June 15, 2015 (source). That date has come and passed with no agreement to extend rent control in the long term. Currently there are two versions of the law that are being discussed. The democrats in the assembly passed a plan that would extend rent control for 4 years, restrict landlords for raising rent on empty apartments and repeal part of the current law that says apartment can stopped being rent controlled when they are vacated. Republican in the New York State Senate passed a version of the bill that extends the law 8 years, and requires income verification to make sure those living in rent stabilized apartments are eligible to live there (source).
If you’re a landlord in New York right now you probably should not be trying to raise or evict tenants based on the expiration of the rent control law expiring as legislature has been extending the law on a day by day basis and recently extended it 5 days (source) . In addition, mayor Bill De Blasio has promised to go after any landlords that prematurely tries to evict tenants in rent controlled buildings. Therefore, it is going to be important for both tenants and landlords to stay informed on the current rent control situation that has the potential to change the New York City rental market drastically.
This post is provided by RISSOFT Residential and Commercial Property Management Software, specializing in innovative and cutting-edge property management software for all 50 states. Request a demo or contact us today to receive more information.
Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.
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