If the “Rent Regulation Act of 2019” fails, the Office of Rent Administration won’t be funded
Governor Cuomo’s proposed state budget is targeting rent regulation. It would hold $16 million in the next two years from the Office of Rent Administration if the “Rent Regulation Act of 2019” fails to pass. By holding the money hostage, he believes the issue of affordable housing will be part of budget negotiations, according to TRD.
Dig Deeper: While details are still sparse on the “Rent Regulation Act”, here’s what we know… It would “include rent regulation reforms to end vacancy decontrol, amend the application of preferential rent, and limit capital improvement charges.”
Flashback: Cuomo recently vowed to end the system under which landlords can bump up rents beyond what the Rent Guidelines Board sets in exchange for MCI’s.