On June 14, 2019, Governor Cuomo signed into law the controversial Statewide Housing Security and Tenant Protection Act of 2019 (the “2019 Act” or “Act”) [see https://bit.ly/2xA6lth]. The Act went into effect immediately and it significantly modifies and expands the existing rent
regulations. The Act changes both the legal and business landscape in the New York real estate market in significant ways.
Rent Control v. Rent Stabilization
In New York, there are two rent regulation programs currently in effect: “Rent Control” and “Rent Stabilization.” These laws were enacted to protect tenants from excessive rent increases and to deal with housing shortages. At the same time, these regulations were intended to allow owners to realize a reasonable profit and allow for reasonable increases so that owners could recuperate certain operating expenses and improvement costs.
Continue reading “Major Changes to the New York Rent Regulation Laws: The Statewide Housing Security and Tenant Protection Act of 2019”