ALBANY, N.Y. (CBSNewYork/AP) — More than 1,000 chanting tenants from New York City filled the hallways of the state Capitol in Albany Tuesday, urging lawmakers to renew and strengthen the law governing the city’s rent regulations as the deadline for the law’s renewal approaches.
The fate of the rent stabilization law and several other high-profile bills remained in flux as lawmakers churned through legislation. The rent law expires on Monday, and lawmakers expect to adjourn later next week.
The rent rules cover more than 1 million apartments in and around New York City. Brooklyn resident Merl Chavers said she will have to move out of her apartment if the law expires — and she predicted lawmakers will pay a political price for inaction.
“It means my rent could go up to anything my landlord wants,” she said. “And that would be true for a lot of people. They have to do something.”
Lawmakers continue to negotiate a deal to extend the two laws. Democrats in the Assembly want to strengthen the rent rules, but their plan faces opposition in the Republican-led Senate.
The easiest compromise might be a simple renewal of the existing policies, though there’s currently no agreement on the length of an extension.
“I’d be lying if I said I wasn’t nervous,” said Assemblyman Keith Wright, (D-Manhattan), chairman of the Assembly’s Housing Committee.
Linked to the debate over rent stabilization is a real estate tax break that saved New York City developers more than $1 billion last year. The incentive must be renewed if it is to continue.
The rules expire June 15.
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