State lawmakers have finally come to an agreement regarding rent regulation laws and the 421-a tax abatement policy, sort of. Nearly one week after the laws formally expired, and on the final day of their five-day extension, lawmakers have created a tentative deal to extend existing rent regulation policies with a few tweaks for an additional four years. NYDN clarifies that details out of Albany have not yet been made public, but that the agreement largely strengthens rent protections. Amongst the agreed upon tweaks, the Post reports, is a $200 boost in monthly rent, from $2,500 to $2,700, that an apartment must exceed before it can go market rate. NYDN reports that New York state governor Andrew Cuomo, a Democrat, referred to the package as "an unprecedented package that protects tenants."
The well-intentioned yet troubled 421-a tax abatement policy is also getting a boost. The Times reports that the program will be extended for six months as lawmakers come to an agreement over wage requirements for construction workers.
· Rent regulation laws get 4-year extension in tentative deal announced by Gov. Cuomo [NYDN]
· New York Legislators in Tentative Deal on Rent Regulation and Other Issues [NYT]
· Rent control to be extended for 4 years [Curbed]
· New York's Great 421-a Debate: The Uncertain Future of Trading Affordable Housing for Tax Breaks [Curbed]
· Tracking the Imminent Expiration of Crucial NYC Housing Laws [Curbed]