State Lawmakers to Deal with Expiring Rent Regulations
The renewal of the city's rent laws will be a major issue for debate in the 2015 New York State legislative session. The rent laws are controlled by the state Senate, which is currently in Republican hands. Democrats from New York City will try to protect and strengthen the rules, while Republicans who lead the state Senate are expected to try to roll back the restrictions.
The laws will determine the size of the rent increase for roughly a million apartments that were built before 1973. Supporters claim that rent regulation is needed to ensure that New York City remains affordable for the middle class and working class. And owners prefer to rent apartments for market-rate prices, rather than keeping rent artificially low. If lawmakers in Albany don’t reach an agreement, laws that keep monthly rent low for roughly two million New Yorkers will expire on June 15.