New York City Rent Control Extended
Political Insider
New York State voted to extend New York City’s rent regulations on June 24
for four years. Current rules, in place since 1993, allow apartment owners
to deregulate unoccupied rent-stabilized apartments into regular market-rate apartments if the resident’s annual income tops $175,000 for two years
and the rent is above $2,000 a month. The new regulations increase the resident annual income cap to $200,000 and the maximum monthly rent to $2,500.
The new regulation also prohibits owners from receiving more than one vacancy bonus per year and alters the method for calculating and verifying improvements for individual apartments. It is believed that these changes will keep approximately 100,000 units within the rent regulation system over the next three years.
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