Since our state legislature has yet to get it together to make a decision on how or if the rent laws will change, the Rent Guidelines Board has postponed its annual vote on increases. The board's vote decides how much landlords are allowed to raise rents on rent-stabilized leases, but with the rent laws currently being negotiated, the board "thought it prudent to postpone briefly in the hope that issues in Albany will have been clarified." The rent laws expired on June 15, but they were extended until tomorrow to give officials more time to decide what to do. The Democrat-controlled State Assembly wants to strengthen rent laws, while the Republican-controlled Senate would really rather not.
Last year, the Rent Guidelines Board passed the lowest ever increases for rent-stabilized leases, but this year, there is speculation that there could be a rent freeze for the first time ever. But it remains to be seen as to how the rent law changes could affect the Board's decision. If rent laws are strengthened, would that take away pressure for a rent freeze? Tenant groups have said that they would support a one- or two-year extension of the current rent laws over the plan that the Senate is pushing.
The board was supposed to vote this Wednesday, but the meeting has been pushed to Monday, June 29.
· New York City Rent Board, Waiting on Albany, Postpones Vote on Increases [NYT]
· Tenant Groups Back Assembly Proposal to Extend Rent Regulation Laws for Two years With No Changes [NYDN]
· Rent Guidelines Board Approves Lowest-Ever Rent Increases [Curbed]
· NY's Rent Laws Get Extended; New Ones Still 'Far From a Deal' [Curbed]
· How New York's Complex Rent Laws May Change—and Soon [Curbed]