Governor Andrew M. Cuomo recently announced passage of the greatest expansion of New York rent regulations in 40 years. The new rent regulations, which will be in effect until 2015, include the following important pro-tenant changes:
- Raises the deregulation rent threshold from $2,000 to $2,500
- Raises the income threshold from $175,000 to $200,000
- These changes will help ensure that almost 100,000 units will stay in the rent regulation system over the next few years and remain available for working-class New Yorkers
- Limits landlords to collect only one vacancy bonus per year, reducing the manipulation of leases in order to push units out of the system
- Changes how improvements are calculated and verified for individual apartments, which will reduce a landlord’s ability to abuse these renovations as a tool to force units out of regulation
