State law requires rent stabilization laws to be renewed periodically based on housing vacancy rates. On March 10, 2022, the City Council voted to extend the City’s Rent Stabilization Law by providing more time to gather data to ensure the rent stabilization law is still necessary. The bill, Int. 70, was sponsored by Council Member Pierina Ana Sanchez.
Search Results for: Rent Stabilization
Governor Cuomo Signs Sweeping Rent Control and Rent Stabilization Reforms into Law
The law places limits on various mechanisms through which landlords of rent-regulated units can raise rent and provides many other protections for tenants. On June 14, 2019, Governor Andrew M. Cuomo signed into law the Housing Stability and Tenant Protection Act of 2019, which Cuomo called “the most sweeping, aggressive protections in state history.” The legislation extends and strengthens rent protections for tenants across the state and went into effect before the expiration of the … <Read More>
Owner Wins Rent Stabilization Dispute
Tenants of a Tribeca high rise luxury rental building claimed protection of rent stabilization. Tenants of Tribeca House, a luxury rental residential building located at 50 Murray Street, Manhattan claimed that the owner of the building overcharged the tenants. Tribeca House, a twenty-one-story luxury loft apartment building, has 389 apartments comprised of studio, one, two, and three bedroom units.
Converted Commercial Building Exempt from Rent Stabilization
Bedford-Stuyvesant developer converted commercial building into residential apartments. 885 Park Avenue Brooklyn LLC owned a commercial building located in the Bedford-Stuyvesant neighborhood of Brooklyn that had been used solely for commercial purposes. Beginning in 1999, 885 Park converted the building into 23 new residential units. The conversion was completed in 2003. In 2011, Daniel Goddard signed a one-year market-rate lease with 885 Park.
Rent Stabilization: Preserving Low and Middle-Income Housing
Rent regulation is not a new issue for New York City. But the headlines in June 2015 were far larger and the reactions more contentious than at any time in recent memory. For the first time in its 46-year history, the Rent Guidelines Board decided that there would be no increase in rents for one-year renewals on rent-stabilized apartments; it also limited increases on two year renewals to two-percent. Not surprisingly, tenants hailed the decision … <Read More>
Council Committee Holds Hearing on Rent Stabilization Extension [UPDATE: Legislation Passes Council]
Legislation would extend rent stabilization laws for three years and call on state legislature to strengthen existing laws. On March 2, 2015 the City Council Committee on Housing and Buildings held a public hearing on Intro 685, a proposed law to amend the city’s administrative code and extend New York City’s existing rent stabilization laws. Intro 685 declares the existence of a “housing emergency”, where the city’s vacancy rate drops below 5 percent, and … <Read More>