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Rent Regulation Stays in Effect in NYC Until 2021
State-level rent regulation laws have been extended in New York City until April 1, 2021 under legislation signed into law by Mayor Bill de Blasio. The de Blasio administration’s actions followed the release of the 2017 Housing and Vacancy Survey, which shows a 3.63% vacancy rate in the city’s rental housing, well below the 5% threshold that keeps the state’s rent regulation laws in force locally.
The state’s rent regulation program comes up for renewal next year, and the city plans to push for changes. The mayor wants to see vacancy decontrol eliminated, an end to the 20% vacancy allowance, and limits on how landlords can use permanent rent increases for building-wide or individual apartments.
“The latest HVS data confirm that New York City continues to face an affordability crisis driven by rising rents,” said Maria Torres-Springer, commissioner of the city’s Department of Housing Preservation and Development.
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