In June 2015, the New York State Rent Stabilization and Rent Control Law is set to expire. The rent regulation law will most likely be renewed. The question is not will the law expire, rather, will the rent regulation law weaken or strengthen.
Landlords argue that the rent regulation laws need to expire or weaken because operating costs such as water and property taxes continue to increase. Tenants argue that the rent regulation laws need to continue and strengthen due to their income diminishing or remaining the same.
Carl E. Heastie was recently elected as the new Speaker of the New York Assembly. The New York Times reported that Mr. Heastie promised that “renewing and strengthening the rent regulation laws will be his number one priority”.
Do not be surprised to see a zero increase for one year leases for the first time since the rent regulation law came into effect.