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Compromise Reached For Rent Controls

By Newsradio 88 Staff

At the very moment rent regulations were supposed to expire in New York, the political powers that be in Albany agreed on a new law which would see them continue. Members of the Senate and the Assembly will vote on the new laws later in the morning.

Under the agreement, landlords will get a special rent increase bonus when regulated apartments become vacant. In other words, the new tenant would pay substantially higher rent than the previous tenant did. In addition, the policy known as "luxury decontrol" would be expanded. The new threshold would be $175,000.

Also, succession rights to the rent-regulated apartment for spouses, relatives and domestic partners would be limited to one generation. There had been no limit.

Supporters of rent regulations say they make New York City affordable for middle and working class residents. Opponents argue that the laws allow the rich to live cheaply and reduce landlords' incentives to maintain buildings or construct new residential housing.

The rent regulation laws have been in force in one form or another since World War II. They apply to about 1.1 million apartments, most in the New York City area, housing more than 2.5 million people.