State
lawmakers agree to extend New York City rent control laws
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[June 24, 2015]
By Daniel Wiessner
ALBANY, N.Y. (Reuters) - New York Governor
Andrew Cuomo and leaders in the state Senate and Assembly on Tuesday
said they had reached an agreement to extend recently expired rent
control laws for more than 2 million New York City residents.
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The rent regulations, which expired last week, would be extended
for four years on rent-controlled apartments, Cuomo said at a press
conference in Albany.
"You have certain voices saying rent regulations should just go
away," Cuomo said, referring to real estate developers. "That is not
going to happen any time soon."
Cuomo also said a popular program that gives real estate developers
property tax credits for constructing new multi-family rental
housing would be extended for six months. The credit expired earlier
this month.
The state Assembly and Senate, which could reject the deal, were
scheduled to vote on the proposals into Tuesday evening.
Leaders in the Democrat-dominated Assembly had pushed for more than
a simple extension of rent regulations, including eliminating a law
that allows apartments to come out of rent control if they are left
vacant, but the Republican-led Senate blocked those proposals.
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The Alliance for Tenant Power, a lobbying group that backed the
Assembly's efforts, called Tuesday's agreement a giveaway to
landlords and said it would lead to as many as 100,000
rent-controlled apartments being lost in the city over the next four
years.
(Editing by Meredith Mazzilli)
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