Rent Regulation Agreement Still Being Hammered Out

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Tuesday June 17th 3:32 PM EDT

By Newsradio 88 Staff

Leaders in New York are still working out a law being referred to as a ``conceptual agreement'' on rent regulations.

The new agreement is designed to protect the 2.7 million New Yorkers that occupy rent-controlled apartments from immediate rent increases.

When approved, a six-year deal will allow landlords to raise rents by 20 percent or more when apartments become vacant .