That was easy. We were expecting a bit more of a landlord lobby/tenant advocate showdown over the renewal of the city's rent-regulation laws, which expire in June. But the Journal reports that Governor Andrew Cuomo, despite rarely mentioning the rent extension since taking office, now wants to include the rent law extension in the state budget, which is due at the end of the month. The extension would apply to the rent-stabilization laws that limit rent increases on about 1 million apartments in the city. Some would like to see the law altered to remove the provision that deregulates vacant apartments when the rent reaches $2,000/month, but the real estate industry wants that part of the law to stay just as it is. No agreement on that has yet been reached, so we could still have a fight on our hands.
· Cuomo Seeks Rent Laws Extension [WSJ]
· Rent Stabilization coverage [Curbed]