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PostPosted: Wed Jun 12, 2019 1:17 am 
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Senate and Assembly reach deal on rent laws. It doesn’t look good for the industry.

Senate Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie reached an agreement on sweeping changes to the state’s rent laws Tuesday evening. If the package passes both houses and is signed into law by Gov. Andrew Cuomo as expected, the real estate industry will be dealt its biggest legislative blow in decades. And it could have been much worse.

The two houses have agreed to support the elimination of vacancy decontrol — which allows landlords to deregulate an apartment when it becomes vacant and the rent reaches a certain threshold — and limit the Major Capital Improvement and Individual Apartment Improvement programs, which permit landlords to increase rents on regulated apartments through renovations. The proposals released Tuesday evening did not include the most controversial of the bills, the good cause eviction measure, which would’ve limited rent increases further. The Senate and Assembly also agreed to axe income-related deregulation, dubbed “luxury decontrol,” which allow landlords to start charging market-rate for an apartment if the tenant’s income hits $200,000 or higher.

https://therealdeal.com/2019/06/12/sena ... -industry/


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PostPosted: Thu Jun 13, 2019 3:27 pm 
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I've been following that one, but I didn't know whether it had passed both houses. Yes, this is big, and I can't imagine Cuomo not signing it.

The real problem in NYC, though, is AirBnB.

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