On Monday, Mayor Bill de Blasio signed into law Intro. 685, which extends the Rent Stabilization laws in New York City until April 1, 2018. The 2014 Housing Survey shows that New York City currently has a rental vacancy rate of 3.45 percent, which constitutes a housing emergency, and this legislation, the mayor said, is necessary to restrict rent increases and prevent evictions. This bill was approved by the City Council during a meeting on March 11.
“Rent regulations are vital to protecting New Yorkers from displacement and keeping our communities whole,” the mayor said in an official statement. “Renewing and strengthening rent rules is a top priority for us in Albany this session, and we will fight alongside our partners in the City Council and our delegation in the State Legislature to ensure we have the tools we need to preserve more than a million rent stabilized apartments.”
A spokesperson for the mayor noted that the legislation in no way shapes what the outcome will be in Albany in terms of parameters of the law when it comes up for renewal this June. In other words, an extension of the law in the city wouldn’t mean changes to the law potentially made later this year at the state level.