A week after rent regulations expired, Gov. Cuomo and Albany lawmakers have agreed to a four-year rent regulation extension for an estimated 1 million New York City tenants.
Details of the tentative agreement were not immediately available, but Cuomo said the agreement is “an unprecedented package that protects tenants,” the Daily News reported.
Rent control and stabilization laws expired on June 15, though lawmakers reached a temporary agreement to protect put in place tenant protections.
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The rent regulation laws that had expired controlled how much landlords could charge for apartments. Assembly Democrats have proposed getting rid of “vacancy decontrol,” which would allow an apartment to be deregulated when the rent is $2,500 and becomes vacant, or raising the threshold to $2,700, the New York Times previously reported.