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Rent-stabilization bill signed into law

Governor Kathy Hochul has signed a new bill, S2980-C/A6216-B, into law, significantly bolstering protections for over a million rent-stabilized tenants in New York State.

This legislation aims to curb improper deregulations and excessive rent increases, while also enhancing the enforcement of rent stabilization laws. Governor Hochul highlighted the law’s role in addressing New York’s ongoing housing crisis and emphasized the state’s commitment to building affordable housing.

The new law introduces several measures to protect tenants, including setting clearer standards to identify fraudulent schemes by landlords to deregulate units, requiring prior approval from Homes and Community Renewal (HCR) for unit deregulation due to substantial rehabilitation, and imposing stricter penalties for failing to register a unit.

It also codifies methods for rent calculation post-modification of units and strengthens HCR’s authority to enforce rent stabilization laws. State Senator Brian Kavanagh, Assemblymember Linda B. Rosenthal, and The Legal Aid Society’s Judith Goldiner lauded the legislation for closing loopholes and tackling fraudulent practices that have historically plagued New York’s rent stabilization system.