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Cuomo signs rent regulation legislation

Governor Andrew Cuomo (Credit: Office of the Governor)

Governor Andrew Cuomo signed a sweeping package of rent regulation laws on Friday. The Democratic-led state Senate passed the measure by a 36-26 vote, which subsequently cleared the Democratic-run Assembly 95-42. This signals a seismic shift not only in the relationship between tenants and landlords, but also in the power balance of Albany.

Telling anecdote: RXR’s Scott Rechler said he has to sneak through the halls of the capital as legislators are wary of being seen with real estate executives. They only meet him after office hours.

By the numbers: There are 966,000 rent-stabilized apartments in the City and another 22,000 units that remain under rent control. This accounts for nearly half of the 2.2 million rental units in the five boroughs.

Worth Noting: Lower-income tenants living in rent-regulated apartments paid 52% of their income in rent in 2017, compared with 40% in 2002. (NYTimes+NYPost+WSJ)

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