Democratic control of State Senate makes a change more liklely
Governor Cuomo pledged to end vacancy decontrol earlier this week. The vacancy law passed in 1994 under a Republican governor and a GOP-controlled state Senate. With Democrats now in control of the entire state Government, things seem likely to change, according to NYPost.
What he said: When asked in a radio interview whether he would sign a law to abolish vacancy decontrol if it passes the Legislature, he responded in the affirmative. He added, “Reforming the rent-regulation system, especially vacancy decontrol, can make a major difference to affordable housing.” Let’s hope this is just political talk.
Bottom line: Legislators will try to end the system under which landlords can bump up rents in exchange for making capital improvements, Additionally, they will seek to prevent landlords from increasing rent when a regulated unit becomes vacant. As currently constituted, an apartment is no longer subject to regulation once its monthly rent reaches $2,733.